Contactless payments by smartphone in Russia are beginning to displace the traditional way of calculation by credit card, wrote on Thursday the newspaper “Izvestia”.
“This feature became so popular that in the year 2018, the number of such transactions compared to 2017 has increased five times and amounted to almost 133 million. And this despite the fact that mobile payment services on Samsung Pay Apple Pay, Android Pay (Google Pay) officially earned in Russia only in 2016-2017”, — stated in the material.
The main reason for this growing popularity of smartphone payments is simplicity, convenience, and even the influence of fashion, experts say. Many people no longer carry wallets, as the payment and discount card physically fit — they are all in the smartphone.
The growing popularity of NFC payments is affected by both manufacturers of smartphones, which provide an increasing number of models this functionality.
“Last year, the number of sold phones to feature contactless payment increased by 41% and amounted to 11 million units. Citizens spent a total of 304 billion rubles, which is 36% higher than a year earlier,” the article reads.
However, this trend has its drawbacks, experts warn. Citizens have reduced self-control, and they make more purchases than they need. After all, this “game” method of payment encourages the increase spending.
Customers who use the gadgets as payment, around 20% actively commit transaction than customers that are calculated in the normal map, the paper concludes.
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