Dagestani authorities reveal real volume of non-cash payments

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The Ministry of Economy and Territorial Development of the Republic of Dagestan plans to increase the proportion of non-cash transactions in the region to 70 percent within the next three years.

Currently, the volume of cash transactions in Dagestan exceeds RUB 500 billion, while the volume of non-cash operations amounts to only RUB 115–120 billion. The discrepancy needs to be addressed, the regional government officials say.

Previously, businesses with a turnover of less than RUB 20 million were exempted from the obligation to install terminals for cashless payment systems. However, local authorities stress the need to ensure the feasibility of cashless transactions in almost all areas of life, including public transportation.

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