Cryptocurrency transactions are becoming a viable alternative to traditional electronic payments and Russia is no exception to the trend. Recently conducted surveys indicate that a large number of Russians have already started using digital coins for online purchases and many others are willing to try.
A recent poll that was conducted on 924 residents of the Russian Federation showed the following:
- 13 percent of Russians use cryptocurrencies to pay for items they buy on the internet.
- 18 percent of respondents said they are using peer-to-peer mobile payment systems
- 38 percent are regularly making payments through contactless applications such as Paypass, Apple Pay, Android Pay and Samsung Pay
- 48 percent have a mobile bank account
- 76 percent have stated they use electronic wallets to buy goods and services
The majority of the respondents have confirmed they often pay with debit and credit cards or through direct bank transfers, as is the case in any country with a developed traditional banking system. Almost half of those questioned in the poll, which was ordered by Kaspersky Lab, admitted they are uneasy about online payments in general because they don’t feel their funds are safe.
The bigger picture
That may not sound like a lot, but the results of the survey, which covers the full range of cashless payment methods shows that the newer generation is willing to adapt to modern technology when it comes to paying for goods and services online.
By eliminating third party intermediaries and providing full control over one’s money, cryptocurrencies offer an alternative approach to securing financial assets. In addition to that, it’s a win-win situation for both merchants and customers. Merchants can avoid chargeback and heavy credit card fees.
The poll was conducted by Russia’s largest electronic payment service Yandex Money in cooperation with the Digital Technologies Department of the city of Moscow and published last month.
One of the biggest problems is that cryptocurrencies are still considered unregulated in Russia, but that may change soon.
hree bills were introduced and approved on first reading in the lower house of Russia’s parliament earlier this year, but lawmakers are still fine-tuning the legislation. The adoption of the main draft, the law “On Digital Financial Assets,” was recently postponed for the spring parliamentary session.
Even though this is just a basic research and polling, it shows the potential of blockchain and most importantly that people are willing to adapt to this new technology.