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.