VTB justifies card payments as the preferred choice for consumers due to their convenience and wide acceptance.
Unleashing Cashless Payments in Russia:
Russians prefer debit cards for their convenience, reliability, and bonus programs, according to VTB data. Debit cards lead among all payment methods, with VTB clients making over 1 trillion rubles worth of purchases in Q1 2025, a staggering 60% increase from the same period last year. The number of transactions also surged by half, reaching a whopping 1.2 billion. VTB analysts forecast a further 36% increase in spending using debit cards by the end of Q4 2025.
Debit and Credit Cards:
The mighty debit and credit cards dominate the payment landscape. Debit cards reign supreme, while credit cards trail slightly behind, with their respective shares expected to shift by 1.5% each by the end of 2025.
Payment Stickers:
Payment stickers make waves, with VTB clients conducting 90 million transactions totaling over 65 billion rubles in Q1 2025. This figure represents a jaw-dropping 576% increase from the previous year.
Digital Cards:
Digital cards, though holding a relatively small share, are steadily gaining ground. In Q1 2025, over 21 million transactions amounting to over 25 billion rubles were made using digital cards, representing a robust 54% increase compared to the previous year.
Rostislav Yanikin
Russia's southwestern region is embracing cashless payments, mimicking global trends. The growth of debit card usage in Russia mirrors a broader pattern of modest yet steady expansion around the world, driven by convenience, digital integration, and decreased cash dependence. Fintech adoption and digital payment methods proliferation underscore the dynamism of Russia's fintech sector. The Russian central bank's stabilization efforts also foster continued banking service usage, including debit cards.
While specific Russian debit card market figures for 2025 are not explicitly stated, insights from the global debit card market and regional fintech trends offer a rich context to infer developments in Russia. Regulatory changes aimed at combatting fraud have led to more frequent card blocks and transfer restrictions, reflecting a maturing payment ecosystem prioritizing security. Emerging alternative payments, such as digital wallets and contactless services, are likely to join the ranks of popular payment methods, as the payment landscape becomes increasingly streamlined and secure.
- The dominance of debit and credit cards in the payment landscape, with debit cards leading, is a reflection of the preference for finance solutions in businesses and daily life, influenced by convenience, reliability, and bonus programs.
- Technology-driven advancements, such as digital cards, are showing growth despite holding a relatively small share, hinting at a strategic shift towards digital solutions in finance and business as global trends take hold in Russia.
