Mar 26 2020

Coronagraph: a dream come true Gref and bankers

Russia because of coronavirus begins to abandon paper money. On 24 March, the Central Bank issued recommendations to banks to curb cash handling and transfer of the entire financial system in the clearing. Russian bankers suddenly got what he wanted: growth of income, which they could only dream of and which was eagerly expected by the head of Sberbank German Gref.Time of crisis is not only a period of rethinking, but also undo the previous rules replaced by the new and the prospect of anarchy. Where destroyed the order on the streets appeared often gangs of looters, grew crime developed black market for basic necessities.

Economists in a voice warning about the high risks of a new global financial crisis due to the coronavirus. The reasons are simple and clear: what could happen with the world economy in conditions when stop large companies and factories? When civil aviation is “immobilized”, suspended the work of automobile factories, the falling us stock market, the fed prints Fiat dollars out of thin air, as countries close borders to quarantine and punish offenders?

Under the pretext of a pandemic COVID-19 now, many have a great opportunity to close shady business, through which laundered money. The reason for the bankruptcy will be announced coronavirus. Pandemic COVID-19 in the future – the perfect excuse of poverty, mass layoffs and falling living standards, the disruption of government programs funding and General changes in the entire financial system.

The financial system rests on the banks, transactions and loans. Banks in terms of coronavirus will restructure their operations, and pandemic COVID-19 will be of benefit to them. In recent years, the head of Sberbank German Gref boasted growth of volume of cashless payments, spoke about the great work of the electronic payment system of the Bank and urged citizens of Russia to refuse cash as they are no longer needed.

Now his dream comes true and brings it to life, the Central Bank of Russia, which recommends that banks limit cash appeal, to stop issuing paper money and go to contactless payments. In fairness, we note that such measures really help to avoid additional spread of the coronavirus, but this is a case when some trouble and taken in connection with the measures necessary coincide with somebody else’s benefit.

In a cashless world

Digital Empire Sberbank for the provision of services to the population – the largest in the country. The Bank, Mr Gref was the first in Russia has introduced the system of quick payments and transfers of money and jump into this digital service, even CB, which subsequently, as we know, even became a reason for conflict between the regulator and the Bank. Elvira Nabiullina announced its electronic money transfer system, from the implementation of Sberbank refused due to the presence of its own. The confrontation ended in the consent of the savings Bank to maintain a single system of the Central Bank.

Gref himself in numerous interviews said that the cash needs of the people of Russia are no more. Sberbank is actively promoting “cashless agenda” almost everywhere. For example, in the summer of 2019 Gref traveled to Dagestan, where he was responsible for implementation of the system that was called “Cashless Dagestan”.

In may 2019 in an interview with “Russia 1” he said that in Russia, 80% of pensions are paid by cashless means, and boasted of the speed with which Sberbank West systems Apple Pay, Samsung Pay and Google Pay that loan, the organization moved generally in one day. Gref described the phenomenon as “absolute digital equality,” which immediately introduced “all 2 million points”.

“I never have cash on me” he said and explained that uses cards only in the missions abroad, while the rest of the time paying by phone.

Now Sberbank allows through its digital services to pay utility bills, taxes, fines, transfer money and even open a brokerage account. All kinds of digital advisers of the Empire Gref ready at any moment to suggest how better to save money for a particular purpose, and present to you the statistics of your budget, after analyzing all the write-offs. Sberbank also has its own loyalty program “Spasibo”, which stimulates to do the map as many payments: the larger the amount, the more bonuses to be debited from the partners.

Many services are convenient, but the important thing is that the Bank does not provide you these services free of charge. Payment of traffic fines, for example, is made with the Commission, and a number of other payments, excluding cell phones, the Internet, and the like. Therefore, the Bank is profitable, if people will completely abandon cash, and in everyday life it is convenient.

In 2020, the savings Bank has released a report on the growth of cashless transactions in Russia in 2019. According to the Bank, in the IV quarter of last year, the amount of non-cash expenses of inhabitants of Russia for the first time exceeded spending cash, and the share of cashless trade turnover amounted to 50.4%. The largest regions of Russia in 2019 passed the bar of 50% by Bank transfer payment in comparison with cash at the end of the year.

In 2019, his statistics were shared and the Central Bank. According to him, only for January-June, individuals used their cards 19.2 billion times and spent more than 40 trillion roubles. Remember this astronomical figure.

There would be no happiness, Yes the misfortune has helped

On 24 March, the Central Bank of Russia issued recommendations to banks on the refusal of the cash turnover. This is done to protect from the spread of COVID-19, which can be transmitted through the banknote. The measure is a necessary, but useful and necessary.

According to who, the life expectancy of the coronavirus paper is 3-4 days, the plastic – to 9 days. Banknotes, which are issued by credit institutions and held with the Bank of Russia not less than 14 days of receipt. Thus, lenders have a “clean” bill. But not all notes immediately fall in banks”, – stated in the message of Rospotrebnadzor dated March 15.

Banks also should be possible to limit the functions of issuing and receiving of banknotes in ATMs operating in the recirculation mode. The design of such devices involves a closed cycle of circulation of cash in them: the reception of banknotes from the same client and the issuance of these banknotes of another without handling in the Bank”

said the Central Bank.

In fact we are talking about minimization of human contact with Bank notes which have not passed quarantine. Sberbank has already announced that he was ready to turn off the “recycle functionality” (i.e., transmission of one ATM of money from customer to customer) in the most dangerous regions, and that the clients do not notice a change.

However, if you consider the queues at ATMs, it is possible to assume that in some cases there may be difficulties under which the device will refuse to give cash, but will take them willingly, working as a kind of “vacuum cleaner” for cash money of the citizens. Whether this will lead to the growth of cashless payments? Most likely, Yes.

Thus, the Central Bank and the coronavirus, now seriously bring the world of “absolute digital equality” according to German Gref, who now will profit from a much greater number of transactions through terminals of the Bank.

Sberbank is one of the most common operators acquiring for almost any business in Russia. To put online the cashier of the Bank – it’s fast, convenient and practical. The only negative is that the possibility of cashless payment any company or firm have to share with Sberbank percent of its turnover in a month.

On the Bank’s website clearly explained the rules of acquiring. Most notably, the percentage of turnover will take the Bank affected, in fact, the volume of the turnover. Higher it is, the lower rate will offer Sberbank. In terms of surge of excitement in retail outlets amid coronavirus clients of Sberbank from acquiring even profitable to inflate the panic, because the more they sell, the smaller the percentage of revenue will give the office of German Gref, and the cash isn’t in Vogue. By the way, in this case, the Bank will charge you their – because a smaller percentage you will pay more revenue.

“The rate depends on rpm and number of terminals. The more we sell, the less you pay to the Bank. The rate is automatically recalculated every month,” reads the website of the Bank.

For example, if you are the owner of a small non-chain grocery store with a turnover in the office in a conditional 100 thousand rubles, then the Bank offers you a rate of 2.3% in the first two months, and then a 2.35% (to encourage you to sell even more than at the beginning).

If you now recall, what was the amount of non-cash transactions of the population of Russia for the first half of 2019 (40 trillion rubles) and to take into account the fact that the majority of daily shopping is spending at grocery stores and supermarkets, the Commission even 2.3% of this amount (if conditional turnover has not changed) looks extremely impressive – a 940 billion only half, or nearly 1.9 trillion rubles a year.

It is clear that not all outlets small grocery stores, and not all of acquiring in the country controls the savings Bank. Given example is not quite correct and very conditional, but still allows you to get a rough idea of the amount of money that banks earn on acquiring. Because almost every operation has to pay, and do it not just grocery stores.

Thus, coronavirus, allows to reconsider many things. And if before acquiring was a convenient option, which is gradually becoming a useful bonus, but now this method of payment for goods and services is necessary.

At the same time combating coronavirus is necessary and contact with cash, no doubt, carries certain risks. Feature only in the fact that in Russia there are specific persons and organizations that benefit from pandemic COVID-19, from the panic, hype and security that our country must take to protect its citizens.

Egor Kucher

News site E-News.su | E-News.pro. Using the materials, put the link back.

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