The complete disappearance of plastic bank cards in Russia within two years is unlikely, says Mikhail Belyaev, candidate of economic sciences, financial analyst. He shared his opinion about the future of cards with Lenta.ru.
Technological progress goes incomparably in this direction, but the complete replacement of cash and bank cards is unlikely, Belyaev believes. In his opinion, it depends not only on the technical component, but on the psychology of people. “There will always be a group of people who are unlikely to give up the material carrier and transfer all this into the virtual sphere. It’s just the way a person is made. Plastic cards have existed for more than half a century, and yet we see that there is no 100% cash-out in any country,” he specified.
However, the economist noted that plastic cards, compared to cash, are unlikely to withstand competition from more advanced payment methods, but this cannot happen so quickly.
Earlier, the almost complete disappearance of plastic bank cards in Russia within a couple of years was predicted by Andrey Spivakov, Managing Director for Retail Credit Products of Raiffeisenbank.
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