BFC Bulletins Monthly News Digest
The share of non-cash payments in Belarus has been constantly increasing, reaching 90.5% in the first quarter of this year (as compared to 49.7% in 2010). Moreover, Belarus now ranks 3rd in the region (behind only Georgia and Russia) in terms of number of contactless transactions. This trend has, obviously, been bolstered by the COVID-19 pandemic, which has helped many realize the convenience and sanitary advantages of cashless transactions. Moreover, they also serve to help authorities better control illegal transactions and uncover tax evaders. With the support of the state and a much wider acceptance, it is possible that cash will soon become a relic of the past in Belarus. And with this notion in mind, some have their eyes on the next big thing in payments that is likely to emerge in the country – biometric payments (i.e. payment authorization using fingerprints, facial recognition and/or other biometric data).
While it remains unseen exactly how payments will look in the future, it is clear that cash seems likely to not be a part of the picture. And Belarus seems to well understand this, working to develop new technologies for making transactions simpler, safer and faster.
