Sberbank and Tatarstan Present the First Cash-Free City in Russia

PHOTO by bertys30 / Depositphotos

Sberbank and the Government of the Republic of Tatarstan have opened the first “cash-free” and “contactless” city in Russia. The innovative project has been implemented in Zelenodolsk, which is home to around 100,000 residents.

The project involved the installation of POS terminals by Sberbank for the use of contactless cards at about 70% of Zelenodolsk’s retail and service outlets, from large chain stores to market stalls.

Zelenodolsk consumers will also be able to take advantage of the new technology via the Republic of Tatarstan Resident’s Card that was launched by Sberbank today. The new card will be issued to 75,000 residents, accounting for 70% of the adult population of Zelenodolsk.

Head of Sberbank Herman Gref, who was present at the RT Resident’s Card presentation ceremony, stressed the necessity to cover all small businesses in Zelenodolsk with POS systems in the shortest time possible.

“Our goal is to go 100% cash-free (in Zelenodolsk. – RNS),” Gref emphasised.

The Zelenodolsk project is based on mchip solutions and the contactless technology provided by Mastercard.

A POS terminal is a device that is used for making electronic funds transfers. It accepts chip cards, smart cards and magnetic strip cards as well as a number of other contactless devices.