Digital ruble may deprive Russian banks of profits – Forbes

The introduction of the digital ruble may result in a loss of up to 50 billion rubles a year for banks. Trading networks from this will be able to receive income in the amount of up to 80 billion rubles, experts from Yakov and Partners, the former Russian division of McKinsey, found out. Forbes.

At the same time, digital rubles can deprive Russians of their favorite cashback and interest on their account balance.

The new form of money will take away part of the market for domestic retail payments, which is fully serviced by Russian banks. In the next 3-5 years after the introduction of the digital ruble, banks can share the fees for servicing payments (acquiring).

But acquiring retailers can save a lot, experts say. At the same time, the digital ruble will allow you to instantly receive funds to sellers’ accounts, unlike card payments, when it can take up to three days. The benefit can be up to 80 billion rubles a year.

The digital ruble will not help consumers much. In addition to the fact that they will lose cashback, the digital ruble does not have obvious advantages in terms of convenience of everyday use, and the reduction in the cost of acquiring does not lead to a decrease in prices or a slowdown in their growth – only to an increase in retailers’ profits, according to Yakov and Partners.

Banks, in turn, will convince customers to continue using cards, and can also start promoting products using the digital ruble and earn money on it (for example, to serve targeted government spending – pensions, maternity capital, etc.).

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