Russian banks fail to replace Apple and Google Pay after they left Russian market

Russian-developed contactless payment services are not as popular among Russians as Apple Pay and Google Pay, which left the Russian market because of Russia’s full-scale invasion of Ukraine.

Source: The Moscow Times on Telegram

Details: T-Kassa research shows that people in Russia prefer to use bank cards over the new contactless payment services that were developed in Russia.

As of June 2024, 78% of offline and online purchases were made using credit and debit cards. In April 2022, when foreign contactless services left Russia, this figure was 94%.

Before the full-scale war, Apple Pay, Google Pay, and Samsung Pay accounted for almost half of payments (49%), while bank cards were used 51% of the time. New services such as QR codes and Mir Pay were not popular at first (less than 1%).

By June 2024, the share of payments using QR codes and SberPay had grown to 9%, and Mir Pay to 5%. T-Bank (formerly Tinkoff) customers are more likely to use new services, such as the T-Pay button and special stickers, for quick payments on Android devices. Together, these services account for 8% of transactions.

Experts point out that the key problem with Russian payment services is the lack of seamless payment capabilities in different scenarios, both offline and online.

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