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- Interesting, but: only 300 thousand wallets for digital rubles have been opened in Russia
Interesting, but: only 300 thousand wallets for digital rubles have been opened in Russia
In Russia, with a population of 146 million people, the number of wallets on the digital ruble platform has reached a little over 300 thousand. These are the results of two months of its mass implementation, the Central Bank told Izvestia. Among the advantages of the new form of money is access to it from any bank where the user has an account, and the ability to transfer large amounts, but for ordinary citizens these advantages are not yet obvious. Due to the lack of cashback and interest on the balance, Russians try the functionality of the digital ruble only out of curiosity and return to old tools, experts say. The real turning point will come only with the launch of offline payments and the development of smart contracts, and it will take several years to achieve popularity.
How many Russians use the digital ruble
In Russia, the number of wallets on the digital ruble platform was just over 300 thousand. These are the results of two months of its mass implementation. As of November 1, almost 290,000 citizens and slightly less than 16,000 legal entities had opened accounts in the third form of the national currency, the press service of the Bank of Russia told Izvestia. In total, 235 thousand operations took place on the platform in the first two months of autumn. Thus, there is less than one transaction per wallet opening.
"Most of the operations with digital rubles (in terms of number) are related to replenishment of accounts. Payments for goods and services, as well as transfers between citizens, are no less popular," the Central Bank stressed.
The regulator added that Russians also pay taxes using digital rubles.
The digital ruble is the third form of the Russian national currency, which is issued by the Central Bank in addition to cash and non—cash money. It is a unique digital code and is stored on individual electronic wallets on the centralized platform of the regulator. Citizens and organizations get access to wallets through the usual mobile applications of their commercial banks. Starting from September 1, 2026, 22 financial organizations important in the payment services market are required to provide such functionality to their clients. Other players will have to provide access at a later date. For individuals, any transactions with the new form of money are completely free, and the commission for retail and service enterprises when accepting payment is set at a preferential level of 0.3% (but not more than 1.5 thousand rubles).
Izvestia sent a request to the largest Russian credit organizations about the popularity of digital rubles among their clients. Users of Dom Bank.The Russian Federation" made over 1,1 thousand transactions in the first few months, said Nikolay Kozak, Deputy Chairman of the board. According to him, transfers between individuals predominate — they account for almost 75%. Another quarter was made up of payment for goods and services. In turn, Sinara Bank explained that they are not yet forcing the mass attraction of an external audience, since the obligation to actively deploy the functionality for the credit institution will come only from September 1, 2027. The other players did not respond to the request.
The National Payment Card System (NSPK) also did not comment on how many QR code payments were made using digital rubles.
What is the use of the digital ruble?
Analysts interviewed by Izvestia agree that the formal figure of 306,000 accounts looks impressive only against the background of the conservative plans of the regulator itself.
— The Central Bank expected 60 thousand wallets by the end of the year, that is, five times more have already been opened. But in absolute terms, this is about 0.25% of the adult population, and in terms of dynamics, I would still be talking about curiosity," said Alexander Bakhtin, investment strategist at Garda Capital.
He cited figures: in September, people opened 7 thousand wallets per day, and in October — about 3 thousand, that is, the momentum has noticeably decreased. According to the Central Bank, there were about 150 thousand operations in September, and 235 thousand in two months. That is, in October — less than 100 thousand. Less than one operation per wallet and the dominance of deposits is the classic behavior of a user who opened an account, tested the service and returned to the usual bank card or Quick Payment System (SBP), the expert stated.
For ordinary Russians, the advantages of the digital ruble are not yet obvious. However, in this form of currency, people can transfer any amount to each other without commission, whereas in the same SBP, there is a limit of 100 thousand rubles for transfers without a fee.
It is important to remember that citizens are allowed to replenish such a wallet with no more than 300 thousand rubles per month. But if there is more in it (for example, in September and October it was already possible to transfer a total of 600 thousand there), this money can be transferred at one time to another person with zero commission.
Another advantage is that access to a wallet with digital rubles on the Central Bank's platform can be obtained from any bank where a person has an account, and accordingly, money can be withdrawn from there to a regular card. This way, people get an easy way to transfer their funds between different banks. However, through the SBP, you can transfer up to 30 million rubles per month to another credit institution without commission — this limit is enough for most customers.
Another advantage of digital rubles is the transparency of transactions, which increases security and protection from fraud, said the director of the Higher School of Finance of the Russian University of Economics. Plekhanova Konstantin Ordov.
The main deterrent to popularization among citizens at the current stage is the lack of economic benefits: digital accounts do not charge interest on the balance and classic bank cashback is not paid.
According to Alexander Bakhtin, there are still three scenarios that potentially give digital rubles an advantage over a card or an SBP. These are smart contracts (when money leaves only after the terms of the transaction are fulfilled - for example, they are credited to the seller of the car only after the vehicle is re—registered to a new owner), targeted payments with protection against misuse (the same child charges) and calculations without an Internet connection. At the same time, offline payments are still at the prototype stage, and the functionality of smart contracts has just begun to develop.
The commercial incentives of market participants also vary. If a 0.3% retail commission (instead of 1-2% for card acquiring) is beneficial and gives customers space for their own discounts, then it is not so attractive for banks to promote the digital ruble. The flow of funds from current accounts can somewhat reduce the volume of cheap balances and increase the cost of funding, explained Andrey Smirnov, an expert on the stock market at BCS World of Investments.
In other words, banks now use funds on customers' cards for lending for free, but if this money ends up in accounts with the Central Bank, credit institutions will have to attract more expensive liabilities, for example, borrow on an interbank account or raise deposit rates. However, at the level of the entire financial system, the effect will remain controllable, the expert is sure.
— At the first stage, we should expect greater integration of the tool into the activities of marketplaces and representatives of the platform economy, and even more promising is its potential in the field of foreign economic activity. The digital ruble has emerged from the sandbox, and fintech projects capable of claiming leadership are ahead," Konstantin Ordov believes.
As long as people don't get paid interest on the balance, money doesn't stay in their wallet for long, says Alexander Bakhtin. Therefore, in two or three years, hardly more than 1% of the population's funds will settle in digital rubles. For banks, the threat lies not in the outflow of deposits, but in acquiring: noticeable losses will appear when a new form of national currency takes up about 14% of non-cash payments. But this is a horizon of five to seven years, he concluded.
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