The Bank of Russia intends to study the issue of creating a unique QR code for the buyer to pay for goods and services through the Fast Payment System (FPS). This proposal is contained in the draft “Main directions for the development of the national payment system until 2027”, sent to market participants for discussion, RBC learned.
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According to the document, the feasibility of introducing technology that allows customers to present their unique QR code to initiate payment through trade and service companies (TSE) will be studied. This new functionality aims to expand the capabilities of the SBP and diversify payment scenarios.
At the moment, the SBP already uses a QR code, but it is generated by the seller. In the proposed system, a QR code will be generated in the buyer’s banking app and then displayed on the smartphone screen for the seller to scan, explained Alexander Kalyakin, managing partner at Fintech Partners. He further added that this approach is similar to the generation of virtual cards that customers already use to make purchases in stores.
Partner at consulting firm Futureproof Ekaterina Semerikova noted that similar payment schemes are widely used in Asian countries, particularly China. When using mobile wallets such as WeChat Pay or Digital Yuan, buyers generate QR codes that the merchant scans to complete the transaction.
Using custom QR codes will speed up the checkout process by eliminating the need to scan a store’s QR code, which can make checkout difficult, especially in high-traffic locations. Kalyakin also noted that the risks of embezzlement are minimal as the payment will be verified in the app using SMS, biometrics or other security methods.
Last week, NSPK completed the implementation of a universal QR code on the SBP network. It is now used by 207 banks and more than 4.8 million points of sale connected to SBP and, in the future, with digital rubles.
- The Bank of Russia’s plans to introduce a unique QR code for paying for goods and services became known in November 2023. The Central Bank explained that many QR codes on checkouts can confuse customers and make cashless payments difficult. A universal QR code solves this problem by allowing customers to select an invoice to pay.
- At the end of June 2024, the Central Bank began testing a universal QR code. VTB, Sovcombank and Dom.RF, etc. participated in the pilot project. And at the end of September, Sber, Alfa-Bank and T-Bank signed a memorandum on the creation of a consortium to develop new payment solutions, including the only one. QR code.
Author:
Karina Pardaeva
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.
