SAWT BEIRUT INTERNATIONAL

| 25 May 2024, Saturday |

Plastic cards will probably die out in 10 years: Berner

Plastic bank cards in 10 years will probably no longer be needed by people, said the head of the international payment system Visa in Russia Mikhail Berner at the IX annual forum of financial innovations on Thursday, March 25.

“Probably, the plastic will definitely remain somewhere in people’s memories,” Berner said in reply to the relevant question.

According to Berner, “plastic” plays a smaller role now than before. In some large banks, up to 30% of new customers do not receive a plastic card, it is only in a smartphone.

“When the situation with the pandemic finally improves and people start traveling again, then really someone will order a card for themselves, because not all countries can still pay for purchases by phone or without a card,” explained the head of Visa in Russia.

He added that over the past year, the share of contactless payments in Russia has grown by more than 70%: every third transaction in the country is carried out using a smartphone.

Earlier on Thursday, a study of the Skrepka payment service revealed that the share of non-cash payments by Russians for everyday purchases increased by 5% over the year to 76%. At the same time, 13% of citizens do not use contactless payments for security reasons.

Experts named the repercussions of anti-coronavirus restrictions, as well as the development of digital services and loyalty programs for Russian banks and payment systems, as the reasons for the growth of non-cash payments.