The expert predicted a significant drop in the share of payments using bank cards by 2030

By 2030, bank cards may account for only 20% of payments, and pay-services in the future may almost completely replace cards, predicts the head of Tinkoff Cashier Vyacheslav Ryabtsev.

“Currently cards still take up the lion's share of all payments. But at the same time, there is a steady trend towards a transition from the card scenario towards transactions between accounts. This is confirmed by the fact that after a surge in the use of cards due to the departure of foreign pay services, people are gradually returning to alternative methods, which include Russian pay services and SBP. The same Tinkoff Pay and pay services of other banks use QR codes, and this is no longer a card scenario,” Ryabtsev said in an interview “To the Kommersant.”

However, according to the expert, on the way to a one-touch payment scenario, scanning a QR code “is like going back a few ‘touches’.” “The ideal option, which we are all striving for, is payment without any touch at all,” Ryabtsev emphasized, explaining that we are also talking about payments using biometrics.

Thanks to this technology, the expert continued, the buyer has the opportunity to pay for the purchase in any circumstances, and the seller’s profit increases. For a bank, the introduction of bioacquiring will reduce the risks of fraudulent transactions, since biometric data is difficult to falsify. “They are unique and reliable as a means of verifying payment. However, it is important to ensure high security of this data and stability of services,” added Ryabtsev.

In his opinion, biometrics will enter the mass market when public confidence in this technology grows. In addition, it is necessary to ensure that the data processing speed when paying in this way is high, and for this it is necessary to build up the infrastructure, which will require large investments. “Trust, speed, the cost of equipment that checks biometrics – with all this, the user’s habit of paying with biometrics will strengthen in five years,” concluded the head of Tinkoff Cashier.