The Bank of Russia will consider the idea of \u200b\u200bcreating a personal QR code for buyers that can be used when paying through the Fast Payment System (FPS). According to Artyom Zhuravlev, Method product director at fintech company Paygine, such technologies may be in demand in our country, but businesses need to prepare for its implementation. The main purpose is to expand shopping opportunities. Currently, buyers scan the QR code created by the seller, but with the new approach, the code will belong to the buyer and the seller will be able to read it.
Zhuravlev states that such systems are already actively used in China and have great development potential in Russia. He is confident that if the Central Bank, together with NSPK and the business community, actively informs the public about the new payment method, the technology will quickly gain popularity. According to him, personal QR code has many advantages such as security and faster payment; This is especially important in stores with large customer flows. If someone tries to take a photo of someone else’s code, they will not be able to use it as verification will be required in the mobile app.
But for personal QR codes to work, merchants will also need to adapt and purchase special equipment to read them. Zhuravlev noted that Paygine is ready for any changes in payment scenarios. and is currently working to roll out QR codes for merchants. He also stated that the company is ready to participate in pilot projects with the Central Bank. In addition, the Bank of Russia plans to develop the capabilities of the SBP, including the use of biometrics and the creation of services for government payments.
Source: Ferra
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