The population and business are not ready to return to cash, according to the Bank of Russia

First Deputy Chairman of the Central Bank of the Russian Federation Olga Skorobogatova believes that the population and businesses are not ready to return to cash, banks need to ensure the availability of online services in the face of sanctions restrictions.

“We need to understand what to do from the point of view of customers when the companies we know (Apple Store and Google Play) “cut” the applications of banks that fell under sanctions. And there are more and more of these banks. There are already a lot of them, but I’m afraid that it will not even be limited to those who have already got there,” Skorobogatova said during the annual meeting of credit institutions with the leadership of the Central Bank, organized by the Association of Banks of Russia.

She noted that she supports the initiatives of banks to develop their own mobile applications and adapt Internet banks for use on smartphones.

“Let’s work actively on this topic too, because our people are not ready to return to cash. According to the results of the first quarter, we have 75.5% of non-cash payments in retail turnover. This despite the fact that there was a period when people took cash, We paid in cash. Our citizens and businesses have already voted that they want to remain in a cashless society,” the First Deputy Chairman of the Central Bank emphasized.

“Our task with you, despite all the difficulties, is to offer different options to the client,” Skorobogatova added.

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