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Russian banks will digitize up to 50% of issued cards

  • Sberbank and VTB plan to increase the issue of digital cards up to 50%

  • Strong demand for digital services has emerged amid a pandemic

  • The Prime Minister of the Russian Federation called for the creation of a digital platform from the state “in a good sense of the word”

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Sberbank and VTB plan to digitize up to 50% of plastic cards by 2023. Companies cite customer demand for digital services

Sberbank and VTB intend to increase the issue of cards in the next two to three years, 50% of which will be digital. RBC writes about this with reference to the Deputy Chairman of the Board of Sberbank Kirill Tsarev.

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So, by the end of 2023, Sberbank plans to issue up to 50% of cards exclusively in digital form. VTB plans to expand digitalization to 40% of cards. Now the share of digital cards in VTB accounts for only 5% of the issue, bank representatives noted.

Russian banks will digitize up to 50% of issued cards

Catch up and get ahead

In the second half of 2020, 284.8 million bank cards were issued in Russia, according to the Central Bank of the Russian Federation. At the same time, according to the company Nilson Report, by the end of 2019 Sberbank issued 145.6 million cards..

The representative of VTB claims that in 2020 the demand for digital cards is actively growing: in November alone, the bank issued 2.5 times more digital cards than in January.

Read also: Cash turnover will be tightened in Russia from 2021

Bank St. Petersburg and Gazprombank also adhere to the digitalization vector, although the latter does not plan to reduce the number of plastic cards. Raiffeisenbank is only intending to start issuing a digital version of a bank card.

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In July, Mastercard Europe published a study according to which Russia ranks first in Eastern Europe in terms of the popularity of contactless payments. Alexey Malinovsky, head of Mastercard in Russia, believes that in the next few years Russia will actively develop an electronic payment system for the B2B sector.

For example, companies will be able to use virtual cards for payments.

Recall that at the end of October, Russian Prime Minister Mikhail Mishustin said that the state should become a digital platform “in the good sense of the word” due to impending competition from corporations.

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