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Russia in digital payments push as it limits banknote circulation

Russia in digital payments push as it limits banknote circulation

MOSCOW (Reuters) – Russia has urged customers and companies to make use of digital payments fairly than money in an effort to sluggish the unfold of the coronavirus and informed banks to restrict rouble notes in circulation.

FILE PHOTO: A person counts 5,000 rouble banknotes whereas he makes use of a Sberbank ATM in Krasnoyarsk, Siberia, Russia, January 11, 2016. REUTERS/Ilya Naymushin/File Photo

Consumer security watchdog Rospotrebnadzor this month inspired Russians to maneuver to cashless payments, citing World Health Organization pointers stating that a virus can linger on a banknote for 3 to 4 days.

The central financial institution already retains banknotes for as much as 14 days earlier than distributing them and is now asking different banks to do the identical, stated Vladimir Demidenko, deputy head of its money circulation division.

Retail banks have additionally been requested to restrict the refilling of ATMs that recycle notes and to disinfect terminals recurrently. The limits is not going to apply to ATMS that don’t recycle notes and are restocked by the banks.

About 75% of all money machines in Russia don’t recycle notes and provide both withdrawal companies or settle for money deposits, in response to the central financial institution.

The central financial institution additionally requested financial institution employees to make use of protecting masks and disposable gloves when accepting money from prospects.

Digital payments are commonplace in giant Russian cities, however a lot of the inhabitants nonetheless depends on money.

Deloitte labeled Russia a “digital champion” in a 2018 report on digital banking maturity in Europe, the Middle East and Africa.

Russia has reported 438 circumstances of the coronavirus and two deaths.

Other measures taken to restrict the unfold embody the closure of faculties and public establishments and a ban on overseas nationals coming into the nation.

Additional reporting by Elena Fabrichnaya and Andrey Ostroukh; Writing by Katya Golubkova; Editing by David Goodman

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