Plans to Increase Share of Cashless Payments in Belarus
Plans have been made to increase the share of cashless payments in retail sales in Belarus to at least 40% by 2021. The objective is indicated in the strategy for the development of digital banking in Belarus in 2016-2020. The document was adopted by an executive order of the National Bank and posted on the website of the regulator in March.
“The share of cashless payments in retail trade is an indicator of the effectiveness of the cashless payment system. This indicator is projected to reach 40% by 1 January 2021,” the strategy reads. The document specifies that as of 1 October 2015, the share of cashless payments in retail was 24.7%.
The strategy envisages further reduction of the load on cashless payment terminals in retail outlets. The load is expected to go down to 90 cards per one payment terminal by 2021. As of 1 October 2015, the figure stood at 123.