Every fourth transaction in SBP is payment for goods or services
Over 2.5 billion transactions worth ₽10.5 trillion were made through the Faster Payments System (SBP) in 2024 Q1. This is twice as much as in the same period last year. This is evidenced by the Bank of Russia’s data.
Between January and March 2024, every fourth transaction in the SBP was carried out to pay for goods or services. Individuals spent nearly ₽1.2 trillion on 700 million purchases in total. These figures are three times higher than in 2023 Q1.
The number of merchants and service providers arranging payments via the SBP is growing steadily. There are over 1.6 million of them as of 1 April, which is 10% more than at the beginning of this year. The number of small and medium-sized enterprises connected to the SBP exceeds a fifth of all the users registered nationwide.