Russia's QR code payments could surpass 30% of cashless volume within three years

QR code payments in Russia are on track to account for more than 30% of all cashless transactions within the next three years, according to projections from WB Bank.

The lender expects the share of QR-based payments to double from current levels, marking a significant shift in the country's retail payment landscape.

The bank attributes the rapid adoption to the widespread rollout of a universal QR code standard and the growing convenience of the technology for consumers.

This infrastructure development simplifies transactions for merchants and users alike, reducing friction compared to traditional card or cash methods.

This acceleration in digital payment adoption mirrors trends seen in other emerging markets, where interoperable QR systems are gaining traction.

For instance, ONE Bank PLC in Bangladesh recently launched an awareness campaign for Bangla QR, the nation's interoperable QR payment system, highlighting a broader regional push toward digital financial inclusion.