SIRIUS /Federal Territory/, October 16. /TASS/. The share of cashless payments in Russia may exceed 85% by the end of this year, with the trend of decreasing volume of cash payments persisting, General Director of Goznak Arkady Trachuk told TASS on the sidelines of the Finopolis forum.

"The amount of cash has decreased slightly by now as the key rate of the Bank of Russia and bank deposit rates rise, though the issue is not how much cash in hand there is but to which extent it is used for saving and payments. We see the amount of cash payments decreasing. And there is reason to believe that the share of cashless payments will exceed 85% in 2024," he said.

The Russian Central Bank said earlier that the share of cashless payments in retail turnover gained 5.3 percentage points in 2023 in annual terms, surpassing 83.4%, adding that this is one of the highest levels globally.

The Finopolis 2024 forum of innovative financial technologies is taking place in Sochi from October 16 to 18. TASS is the general information agency.