With the rise of cryptocurrency and the digital economy, e-wallets have become increasingly popular in Russia.
According to recent data, every second resident of Moscow has some kind of electronic wallet on their smartphone.
Let’s take a look at which e-wallets are the most popular in Russia and why.
E-wallets in Russia
The e-wallet first appeared due to the development of the digital economy in Russia.
In large cities such as Moscow and St Petersburg, citizens increasingly prefer to use e-wallets as they’re more convenient, fast, and safe.
Those living in big cities are accustomed to convenience and speed, and as the digital economy continues to evolve, these features are becoming a necessity.
An e-wallet is a useful alternative to a traditional bank account. To open a bank account, one must visit the bank with a passport and pay fees for opening an account, bank services, using their card, text notifications, and so on.
An e-wallet can be opened for free simply using your smartphone, and most don’t charge exorbitant fees for usage.
People increasingly make purchases by tapping their cards or phones and prefer to do so easily and quickly, without additional commissions and fees.
In the next decade, it’s estimated that the majority of purchases will be made digitally.
The top three most popular e-wallets in Russia
The most popular e-wallets in Russia have already established themselves as a reliable, fast, and convenient method of transferring money online.
Let’s take a look at the three most popular e-wallets in Russia.
- Yandex Money
This is the largest electronic payment service in Russia and is fully controlled by the state. The Yandex Money service is a joint venture of the first Russian search engine Yandex and the largest Russian bank Sberbank.
You can pay for purchases with a huge limit of up to 600,000 rubles per day. All online stores in Russia work with this electronic wallet, and the service often holds promotions and gives rewards to wallet owners.
This is an easy-to-use e-wallet that offers simple registration and minimum fees. All you need to register is a phone number.
The app offers numerous usability options and a similar 600,000 ruble limit. Qiwi is very popular among Russian citizens to pay utility bills.
WebMoney used to be the number-one payments system in Russia, but it slipped to third place after the company refused to sell its assets to the state. After that, restrictions were placed on the company, such as blocking direct withdrawals to bank accounts.
WebMoney now positions itself as an international payment system and an environment for doing business globally. It offers a multi-currency e-wallet and has the advantage of much lower fees. Many crypto exchanges in Russia also prefer to work with WebMoney.
Each e-wallet listed above has its own advantages and disadvantages, and each has a different target audience. You need to do your research and understand what you will use your e-wallet for in order to choose the right one for your needs.
There is a huge selection of e-wallets in Russia, and they all offer many services and bonuses for registration. Many people use several e-wallets at once for different purposes, which is the best solution if you want to save money and make quick transactions in different currencies without problems and additional fees at any time.
Discover more about e-wallets here on Coin Rivet.