Russia's Sberbank CEO Predicts Cash Gradually Falling Out of Use

© Sputnik / Maksim Bogodvid / Go to the photo bankUS dollars and rubles inside a currency exchange office of a Sberbank
US dollars and rubles inside a currency exchange office of a Sberbank - Sputnik International
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Sberbank CEO Herman Gref said that cash will increasingly become an obsolete mean of payment.

MOSCOW (Sputnik) — Cash will gradually fall out of use, Russia's Sberbank CEO Herman Gref said on Wednesday.

"[Cash] will increasingly become an obsolete mean of payment," Gref said.

Decommissioning cash is a long process, he said, adding that cash willstill be used in the foreseeable future.

In May, Gref said that in 2017 Sberbank will introduce voice-biometric recognition technologies to replace plastic cards.

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