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QR code payments are gaining popularity in Russia

According to Russian media, in Russia there is an increased interest in connecting payments using the Fast Payment System. Representatives of banks told journalists about this – according to them, the increased popularity of the domestic solution is associated with the suspension of Apple Pay and Google Pay in the country.

SBP

Technically, payment for goods and services using a QR code was launched by the Bank of Russia and NSPK in early 2019. This is one of the functions of the Fast Payment System (FPS), familiar to many smartphone owners from utility bills. When using it, the link “hardwired” into the code leads to the bank’s mobile application, where it is enough to confirm the fact of debiting without entering card details.

According to the statistics of the SBP itself, as of the end of January 2022, goods and services worth 78 billion rubles were paid through the service. At the same time, in 2021, Russians made 48.9 billion card payments worth 41.3 trillion rubles. In March of this year, according to ” RBC ” with reference to the preliminary report of the Bank of Russia, the number of payments through the SBP increased by 1.5 times compared to February.

The increase in the number of connections of new customers to the SBP by 24.5% in March compared to the previous month was also reported to journalists by VTB Bank, while MCB and Russian Standard announced an increase of 30% and more than twice, respectively . Sberbank, in turn, did not note an active growth in the number of transactions through the SBP, but reported a 1.5-fold increase in the number of online purchases through the SberPay service.

SBP

Visa and Mastercard suspended work in Russia on March 10, 2022, after which cards of both payment systems issued by Russian banks stopped working in Apple Pay, Google Pay and Samsung Pay. Later, Mir cards also said goodbye to the Apple service, but they are still available as a payment method in Samsung Pay and Mir Pay.

According to the representative of VTB, in the future, the SBP may become one of the main channels of remote payment in Russia. An important factor in its further popularization, he calls its relatively low commission – 0.4% or 0.7% against an average of 1.5% for bank cards.

Yegor Krivosheya, Head of Research at the Skolkovo-NES Center, agreed with this opinion. In his opinion, a unified SBP system may be in demand, since customers do not have to use different services in online and offline stores.

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