12:46, 17 October 2022 Page views 645 views

Most Muscovites scarcely use cash

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Notably that two thirds use auto payment for subscriptions, loans, housing and communal services and insurance premiums, according to the results of a survey conducted by IC Rosgosstrakh Life together with Otkritie Bank.

Muscovites were asked to respond whether they use cash in situations where they can pay cash, for example, in a store, restaurant, taxi or to a courier. 22% of respondents use cash “often” or “from time to time”, while the remaining 78% pay in cash “rarely” or “not at all”.

None of Russian regions with million-plus cities reported more than 30% share of residents who actively use cash to pay for goods and services. Banknotes are mostly used by residents of St. Petersburg and the Leningrad Region (30%), the Perm Territory (30%) and Bashkortostan (26%).

Muscovites pay for goods and services mainly with bankcards (69%), through their bank application or e-wallet in their smartphones (54%), and less often by using a QR code (13%).

Two-thirds of Muscovites (68%) use auto payments - mainly for regular subscriptions to various services (35%), cellular communications (34%), Internet (25%), utility bills (23%), loans (21%), insurance premiums (13%) and other services (6%).

Auto-payments are usually connected for making monthly (52% of respondents) and quarterly (24% of respondents) payments.

Residents of Nizhny Novgorod region (80%), Sverdlovsk region (75%) and the capital region (75%) use the auto payment function more often than others. The function is less often used in the Krasnodar Territory (36%).