Nearly Four out of Ten Russians Prefer Digital Payments over Physical Cash
In a rapidly evolving financial landscape, cash continues to play a significant role in Russia, despite the growing trend towards digital payments. A survey conducted by the KP.RU website sheds light on the nation's cash usage habits, offering insights into the resilience of cash as a means of transaction and its continued importance in daily life.
The survey, which attracted the participation of 6,800 individuals, did not specify the demographic or geographic distribution of the participants. However, it did reveal some intriguing patterns in cash carrying habits. For instance, as many as 38% of respondents only carry bank cards with them, and can pay by QR code if necessary. On the other hand, 25% of Russians surveyed said they carry no more than 1,000 rubles in cash, while 26% usually carry between 1,000 and 5,000 rubles. Interestingly, one participant in the survey was found to have 50 rubles in bills and 40 in coins, indicating a scarcity of cash in their everyday life.
The survey also revealed that some Russians deliberately take a small amount of cash to pay where cards don't work, such as at the market. Economists estimate that Russians need to carry around 4,900 rubles with them on average. However, most Russians do not carry large amounts of cash; only 6% carry between 5,000 and 10,000 rubles, 2% carry 10,000 to 20,000 rubles, and 1% each carry 20,000 to 50,000, 50,000 to 100,000, or more than 100,000 rubles in cash.
The trends of cash usage in Russia are influenced by a variety of factors, including economic pressure, communication disruptions, and the adoption of digital payments. Economic pressure, including rising prices and credit market contraction, has affected consumer finances, leading to cautious saving behavior. This may indicate some preference for holding liquid and easily accessible assets, traditionally cash or bank deposits, but also points towards a shift in payment habits depending on access and convenience.
Western sanctions and disruptions in international communication networks, including the limited access to SWIFT, have pushed Russia to seek alternative mechanisms for payments. These include increased use of gold and cryptocurrencies, as well as a "unified fast payment system" linking mainly CIS countries, shifting cross-border payments towards the Middle East, Southeast Asia, and Central Asia. This implies a partial pivot away from traditional currency flows and possibly cash, to more technology-enabled settlement methods adapted to sanctions constraints.
The M2 money supply, which includes cash and close substitutes, showed fluctuations with a slight decrease from February to March 2025, but rebounded to an all-time high in May 2025. This reflects an overall increase in liquidity circulating in the economy, likely linked to both cash and digital means. The rise in cashless payments and digital transactions in recent years suggests an increasing adoption of non-cash options even under economic stress.
In conclusion, while the use of digital payments is expanding in Russia, especially driven by new fast payment systems oriented around CIS countries and the use of crypto and gold, cash remains a key part of daily transactions and national culture amid communication disruptions and sanctions. The Central Bank continues to emphasize the importance of cash alongside new payment methods, and money supply data reflects robust liquidity supporting both cash and digital payment forms.
The survey conducted by KP.RU reveals that while digital payments are on the rise in Russia, some Russians deliberately choose to carry cash as a fallback when cards do not work, particularly in places like markets (technology). Furthermore, economists estimate that the average Russian carries around 4,900 rubles in cash, suggesting the continued importance of cash in personal-finance practices (finance).
