E-payments acceleration in the largest country

Electronic financial transactions are growing in number in the Russian market. Last year Russian consumers made plastic card transactions amounted $27.62 billion which is 19.4% of all non-cash payments. Online payments constituted 9.4% of the total non-cash transaction mass. The number of $11.9 billion was reached in 2007 in the Internet payment sector. The figure corresponds to 318.3% increase as compared to the previous year.

The operations led to the rating mentioned are still uncertain. One of explanations of such a phenomenon may be found in how online payments are defined in Central Bank Order No. 137. It reads that the Internet payments may include payments via an online service, such as Yandex. Dengi or WebMoney, payments made online by credit card and payments made for mobile phones and internet service at payment terminals or supermarket cashiers.

One of electronic payment systems in Russia the Kiberplat which possesses 170,000 payment points in the country reports that its turnover in 2007 increased 80% in a year which made up $4.74 billion.