In 2024, private payments from Russia to India will increase, Sber Vice President Anatoly Popov told Reuters. The bank is now working to introduce cashless payments for tourists from both countries.
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According to the results of the eight months of 2024, Sber recorded a manifold increase in transfers from individuals from Russia to India. The credit institution estimated that transactions increased 40-fold and the amount of transfers increased 100-fold. Absolute figures are not given.
“We work with individuals, there is a huge demand for transfers between countries: the number of transfers from Russia to India has increased 40-fold in eight months of this year compared to 2023, and the amount has increased almost 100 times. People started transferring money – there was no demand for this before,” RBC quoted Popov as saying, citing Reuters.
According to him, for Russian tourists visiting India, as well as for Russian guests of this country, “issues regarding non-cash payments during the trip are being resolved.” Options for carrying out transactions are currently being considered, taking into account that cards are not popular in India; QR code technology is most often used there.
Popov also noted that for more than two years now, the interest of Russian companies in the Indian market has grown significantly, which has become a good alternative; the bank is currently opening rupee accounts for Russian clients as well.
“We do not rule out the possibility that the rupee, besides being a means of payment, can also become a means of savings,” he said.
In the next five years, India will be among the top 10 most popular tourist destinations in the world. This prediction was shared by the country’s Minister of Tourism and Culture, Gajendra Singh Shekhawat.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
