Cashless society: Russia outpaces Europe in cash-free transactions growth

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Russia has enjoyed “phenomenal” growth of cashless payments in eight years, outpacing other European countries, as the amount of transactions soared 30-fold from 2010 to 2018, according to the Boston Consulting Group (BCG).

Total revenues from cashless transactions on the European market will grow 5.9 percent until 2028, the BCG forecasts, noting that in Eastern Europe the figure will stand at 7.4 percent. Russia is the main driver for growth in the region, the group noted in its report seen by RBC business outlet.

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