Transactions in FPS to become larger
According to the Bank of Russia’s draft ordinance, the maximum amount of one transaction in the Faster Payments System (FPS) is planned to be raised from the current 600,000 to one million rubles. This is applicable to both money transfers and payments through the FPS.
This will allow people to make larger instantaneous transfers and payments for goods and services via the FPS. In turn, trade and service companies (TSCs) will be able to offer the option of payments via the FPS to their customers more often, which requires no bank cards as payments are processed directly on accounts. A customer should only scan a QR code and confirm the payment in the online banking application. Furthermore, TSCs will thus reduce costs for accepting cashless payments as bank fees for payments made in the FPS are
The new limit is planned to become effective on 1 May 2022.
Moreover, the minimum daily amount of transfers in the FPS that banks may set for their customers remains at the level of 150,000 rubles. The monthly limit on fee-free transfers also remains the same equalling 100,000 rubles.