Payments via FPS to become more accessible

From 1 October 2021, all systemically important banks are to connect to the Faster Payments System (FPS) for their clients to be able to pay for products, services and works via the FPS using QR codes. Banks with a universal licence must fulfill this requirement beginning from 1 April 2022. The relevant changes to the Regulation ‘On the Bank of Russia Payment System’ have been registered by Russia’s Ministry of Justice.

By the above dates, credit institutions are also obliged to enable the processing of other types of operations through the FPS, including person-to-person transfers at the payee’s initiative and business-to-person payments. Banks may implement these services earlier, as soon as they are ready to do so.

In addition, the Regulation provides for the possibility to use the mobile application of the National Payment Card System to pay for retail purchases using QR codes. Moreover, it is also possible to freely use bank applications of this type, including with the engagement of trade and service companies.