Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Ministry to Aim for Less Cash Trade

Finance Minister Anton Siluanov wants to see legal restrictions on cash payments in the country, Vedomosti reported Friday.

"The share of cash in Russia is 25 percent of the total money supply, whereas in developing countries this figure is 15 percent, and in developed countries — 7 percent to 10 percent," said Siluanov, during the Gaidar Economic Forum last week.

The idea to restrict the flow of cash needs to be discussed, said Deputy Finance Minister Alexei Savatyugin. "If you limit major purchases to only noncash payments, it obliges every citizen to become a client of the bank and a card holder, imposing bank services on them," he said.

TransCreditBank, for example, has 2 million clients, most of which are debit cardholders. Last year, the bank started a credit card project, and now 50,000 such cards have been issued.

Visa issued 80 million cards in 2011, up from 30,000 in 1994, Karina Grosheva, Visa's head of corporate communication, told The Moscow Times

Many retailers are not in a hurry to work with plastic. French retailer Auchan started accepting Visa only at the end of last year. McDonald's started accepting credit cards only in 2010, Vedomosti reported.

"Customers need to have a choice and pay in a way that will be comfortable for them. In our segment, payment by plastic cards represents only a small percent of the total turnover," Yevroset's public relations director Ulyana Smolskaya told The Moscow Times.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more