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E-money used by 46% of Russians, total payments up 43%

0 16 May 2014

Two studies published this week have confirmed the growing popularity of electronic money in Russia. 

According to the first, a report by management consultancy J’son & Partners, total e-money payments in 2013 added up to 440 billion roubles ($12.57 billion). This is a 43% increase on 2012. E-money’s share of total electronic payments also increased, from 16% in 2012 to 18% in 2013. 

The report also found that the number of transactions increased by 22% on 2012, reaching 550 million. 

This increase in number of transactions was largely facilitated by a considerable increase in the number of Russians using e-money services like PayPal, Yandex.Money, Qiwi Wallet and WebMoney. 

A survey carried out by analytics company TNS found that e-money is now used by 46% of Russians between the ages of 12 and 55, compared to 36% last year (although that survey only included 18-45 year olds). 

The study also found that e-money is more widely used than internet banking (31%) and SMS-payments (37%).

The most popular e-money service is Yandex.Money, which was used by 22% of respondents at least once from November 2013 to April 2014. In second place was Qiwi Wallet, used by 21%, followed by Web Money (19%), PayPal (14%) and Money@Mail.ru (6%). Services offered by Qiwi and Yandex are the most popular among the younger generation, being used by 27% of teenagers, while WebMoney is the most popular among 46-55 year olds (46%). 

E-money is commonly used to pay for internet and mobile access, utility bills and for transfers between individuals. Young people also often use e-money to pay for online games.

Sources: J'son & Partners, 1prime.ru

Top image via Shutterstock

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