The Russian economy is one of the strongest in terms of financial stability. The country’s real GDP growth exceeded expectations in 2018, reaching 2.3 percent. This is mainly due to the one-time effects of energy development. For the following year (2019), growth forcasted was 1.2 percent in and 1.8 percent in 2020 and 2021 is estimated, reflecting a rather modest prospect. Credit activity began to recover, but the banking sector continued to be influenced by high levels of concentration and sovereignty dominance. Fortunately, the rise of the digital economy has made e-wallet popular in Russia recently.
High-technology has played an important role in the country’s banking sector, because most Muscovites now have some kind of electronic wallet on their smartphones. Because of the popularity of this portfolio, it is the third most popular online payment method after bank cards and online payments. Residents understand the benefits of using an electronic wallet as a payment method for goods and services.
Its speed and safety has attracted the attention of many Russians, and is indirectly eliminating the use of bank cards by the majority of the country’s population. At present, e-wallets are the subject of discussion in most parts of Russia and a simple way of payment. However, Yandex.Money, Qiwi and WebMoney are the famous e-wallets used by denizens.
Well, I think traditional banks in Russia need to revise their notes by looking at their customers’ interest because they can switch their portfolios from them. Especially when people have come to realize that you can just tap on your card or cellphone and instantly, a transaction is done. And apparently, e-wallet transactions are easily and quickly done without additional costs.