Lead
The share of non-cash payments in Russia's retail turnover reached 88.9% in the first quarter of 2026, according to an analytical review by the Bank of Russia, as reported by TASS. The figure represents a 0.9 percentage point increase over the previous quarter, continuing a steady trend toward cashless transactions.
Coverage Comparison
TASS, the sole source of available reporting on this development, covered the news in two separate articles. One focused on the quarterly data from the central bank's review, while the other highlighted a forecast by a senior Bank of Russia official. Both reports maintain a neutral, informative tone and rely on direct quotes from the regulator. No conflicting accounts or alternative interpretations have emerged from other outlets at this stage.
Key Claims
Quarterly growth in non-cash share — According to TASS, the central bank's review shows that non-cash payments accounted for 88.9% of retail turnover in January–March 2026, up 0.9 percentage points from the previous quarter. This represents a continuation of the upward trend in cashless transactions.
Rise in e-wallet usage — The regulator attributed the growth to increased use of e-wallets, noting that "people were increasingly making online purchases this way," as quoted by TASS.
Dominance of payments for goods and services — Payments for goods, works, and services were the most common type of transaction among individuals, comprising 77% of the total number and 33% of the total volume of individual transactions in Q1 2026, per the central bank's data as cited by TASS. Compared to Q1 2025, their number rose by 5% and volume by 9%, leading to a 1 percentage point increase in share by number and 2 percentage points by volume.
Money transfers between individuals — Transfers between individuals accounted for more than half (56%) of the total volume and over 20% of the total number of payment transactions by the population, according to the regulator's review. On an annual basis, the number of such transactions decreased by 2%, while volume edged up by 2%; their share in the overall structure fell slightly by almost 1 percentage point in both metrics.
Decline in cash withdrawals — Cash withdrawal transactions decreased by 4% in both number and volume compared to Q1 2025, TASS reported. However, their share in the overall structure remained nearly unchanged: 1% by number and 9% by volume.
Forecast of exceeding 90% — Alla Bakina, Director of the National Payment System Department at the Bank of Russia, stated that the regulator expects the share of non-cash payments to exceed 90% by the end of 2026 or early 2027, as reported by TASS. "We actually expect to reach the 90% threshold by the end of this year or next year - early next year," she said.
Perspectives
Central bank view — The Bank of Russia sees the growth in non-cash payments as a natural evolution, attributing it to increased e-wallet usage and online purchasing. Bakina's comments suggest the regulator does not perceive any significant shift back to cash, noting that "no clear increase in demand for cash has yet been recorded."
Observational context — The data indicates that while non-cash payments are expanding, cash is not disappearing entirely. Cash withdrawals still represent 1% of transactions by number and 9% by volume, suggesting that cash retains a role, particularly for larger-value transactions. However, the overall trend points to continued digitalization of payments in Russia.
This article is based on reporting from TASS, the only outlet that has published details of the Bank of Russia's review at this time.