Internet-Stores in Russia will not be Allowed to Accept Cash
27.08.2015 348 views
Couriers working for online-retailers may be forbidden to accept cash when delivering goods.
Mass media came to this conclusion based on the National Payment Initiative draft roadmap that the Central Bank will receive in autumn 2015.
The document was prepared by the National Payments Council (members of which include MasterCard, Visa, PayPal, United Card Service, Golden Crown, banks, Cyberplat, MTS) together with the Association of Russian Banks. According to bankers the innovation may increase non-cash transactions volume and will bring new clients – eCommerce companies – to banks.
As explained by Maria Mkhailova, executive director of the NPC Association, bankers and other participants of financial market had sent over 60 proposals to the NPC in total. She sees the Council’s task in making non-cash transactions worthwhile and convenient for all participants. The growth of the share of non-cash transactions and integration of new market segments into e-payments will make a significant positive impact on market participants, as well on the State and the economy in general.
According to the Association of eCommerce Companies (AKIT) the volume of Russian eCommerce market amounted to RUB713 bln in 2014, showing a 31% growth as compared to the previous year. 55,3% of customers used cards to pay for the goods in Internet shops in 2013, while in 2014 the figure increased to 61,7%. Thus, about 40% of customers still pay in cash. AKIT currently estimates the total number of Internet stores in Russia at 40,000+.