Russian Payment Service Yandex Reports Crypto Payments Are Making Entrance In Moscow

Yandex, a Russian multinational corporation specializing in Internet-related products and services conducted an investigation in association with Moscow Information Technology Department (ITD) that looked into the e-payment market in Moscow. The study found that an estimated 120,000 or 1% of the population actively use cryptos.

The study was done on a sample of 1,000 residents of Moscow which has a population of about 12 million. Even though 1% doesn’t look like a big number and the study labels it as ‘rather unpopular’, given the context of adaptability of this new technology, the implications are huge.

About 96% of respondents use a bank card for cashless payment of services. Then, in descending order, respondents named mobile (40%) and Internet banking (32%), as well as electronic money (16%). Although the respondents are confident that in the future, non-cash payment services like Apple Pay and Google Pay will get more traction.

The head of the analytics department at the ITD, Ivan Buturlin said:

“34 percent of Moscow residents use primarily non-cash methods of payment, wherein 63 percent conduct electronic transactions at least once a day.”

When the respondents were asked why they refrain from using cashless payment systems, 40% of them citing security concerns, 22% said they don’t want to pay additional service fees, 11% responded by saying that the technology is too complex for them and surprisingly 9% said they still don't know what digital payments are.

Ivan Glazachev, CEO of Yandex stated:

“In order for non-cash payments to penetrate into the lives of a larger number of citizens, people should also change their perception to understand that this is a safe method of payment.”

One optimistic take away from the study was that 5% of the respondents said that even though they do not know what cryptos are, they would like to try such a payment system.

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B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

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