Russian consumers are increasingly turning to e-wallets because of their speed and security.
The rise of the digital economy has made electronic wallets, or e-wallets, increasingly popular in Russia. According to recent data, most Moscow residents now have some kind of electronic wallet on their smartphone. According to research on Russian payment behaviors published by Mediascope, e-wallets are the third-most preferred online payment method after bank cards and online payments. In the past year, more than 90% of Russians used bank cards for payments, followed by online banking at 89.7% and 77.6% for e-wallets.
The e-wallet first appeared thanks to the development of the digital economy in large cities such as Moscow and St. Petersburg, where citizens increasingly prefer the convenience, speed and safety of electronic forms of payment. The three most popular e-wallets in Russia are Yandex.Money, Qiwi and WebMoney.
As the digital economy continues to evolve, convenience and speed are becoming a necessity. An e-wallet is a useful alternative to a traditional bank account, which often carries fees and requires a visit to a bank and formal identification to be set up. People increasingly make purchases by tapping their cards or phones—and prefer to do so easily and quickly, without additional commissions and fees.