The Central Bank of Russia advised Russians to use cash and not to get Apple Pay

The growing popularity of Apple systems Play will not lead to the disappearance of cash turnover in Russia. This opinion was expressed by first Deputy Chairman of the Central Bank Georgy Luntovsky at the international conference “Topical issues of development of cash circulation”.

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The Central Bank of Russia advised Russians to use cash and not to get Apple Pay

“I think that in Russia it is obvious to everyone that the scientific and technical progress and new technologies lead to the fact that actively developing non-cash payments, it is clear from our statistics. However, in both developed and developing countries, the volume of cash is growing, and to the disappearance of cash will take a lot of time. I am not suggesting that in coming decades we will see, so to speak, the sunset, cash in circulation,” he said.

To reduce the amount of cash should increase confidence in the banking system and modern technology, it is necessary to ensure the safety of cashless payments, said Luntovsky. At the same time he prefers to use cash.

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“I like a man who is in charge of cash handling, mostly use cash. But I believe that to ensure maximum security if you want to always need. Moreover, the practice of our FinCert shows that commercial banks are not always the way of safety, they often save on expenses. It is necessary to take legislative measures to force commercial entities to not only collect money but also to ensure the safety of funds”, – said the first Deputy Chairman of the Central Bank.

The Central Bank of Russia advised Russians to use cash and not to get Apple Pay

Russia earned payment system Apple Pay on October 4. To pay for your purchases using Apple Pay are iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus, iPhone 7, iPhone 7 Plus, iPhone SE and the Apple Watch. Owners of iPhone 5, 5s or 5c may pay when using a “clever” hours of Apple. The first time Apple Pay will support exclusively issued Sberbank cards in November and will join other banks.

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