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The Share of Wire Transfers in Russia Decreased
15.05.2019 18:46
The Share of Wire Transfers in Russia Decreased

The share of wire transfers in Russia decreased by 4 percentage points in the first quarter of 2019, from 40% to 36%, according to a joint study by Frank RG and Evotor titled “Market Evolution: from Cash Desks to Ecosystems”.

      The study is based on Evotor’s data, however, as the CEO of Frank RG Yurii Gribanov notes, it is highly likely that this trend will be visible on the big data of the Central Bank. “The analysis of monthly dynamics shows that cash turnover increased in January-March 2019. A dramatic decline in the wire transfer share equal to 4 pp is probably not related to seasonality and shows an emerging trend for traditional retail outlets of small businesses”, as experts say. In some spheres, such as education, construction and automotive goods, the share of wire transfers has grown.

      In other spheres, on the contrary, people began to pay in cash more often: for example, this concerns hotels and clothing stores.


Author: Anna Dorozhkina

Tags: Russian economy     

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