SBP indicators double in 2023
Over 7 billion transactions for a total amount of ₽31 trillion were performed in 2023 through the Faster Payments System (SBP). The fourth quarter accounted for a third of such transactions. The indicators more than doubled as compared with the previous year. This is evidenced by the Bank of Russia’s data.
Individuals transferred around ₽27.7 trillion by using the SBP, which is twice more than a year before. Individuals used this service even more actively to pay for goods and services. The total amount of purchases made via the SBP was ₽3 trillion. The launch of the loyalty programme with cashback being paid became a significant stimulus for the system’s popularity to grow.
‘Purchases were made though the SBP 4.5 times more frequently than in the previous year. The SBPay application became an additional advantage. It allows a smartphone of any brand with the NFC function to be used to perform one-touch payments. Not only consumers, but also businesses appreciated the convenience of the service. Attractive tariffs allow entrepreneurs to substantially decrease their costs. In 2023, companies actively switched to the SPB and their total number reached 1.5 million. This is almost three times more than a year before’, pointed out Alla Bakina, Director of the Bank of Russia’s National Payment System Department.