FPS: new options for self-employed persons
Beginning on 1 October 2021, individuals registered as self-employed will be able to receive payments for their products and services through the Faster Payments System (FPS).
‘We continuously enhance the FPS expanding its functions. The solution for self-employed persons is another service in the range of payment options available in the FPS. On the one hand, this innovation will enable self-employed people to offer a convenient and advanced payment channel to their customers. On the other hand, it will help them significantly reduce their costs for accepting cashless payments. The system will offer a reduced rate to them. Specifically, a bank fee may not be higher than 0.4% of the payment amount and shall not exceed 1,500 rubles,’ said Alla Bakina, Director of the Bank of Russia’s National Payment System Department.
Self-employed persons will have access to all payment acceptance options (via QR codes, payment links, and subscriptions), as well as refunds if needed.
It should be emphasised that self-employed people will not need to purchase any special equipment for this. They only need to apply to a bank to get access to these payment options. The up-to-date list of the banks offering C2B services is available on this web page.