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Central Bank Binds Banks to Implement FPS for Individual Payments with QR Codes

October 1, 2021, 11:14 (UTC+3)|

From October 1, the Bank of Russia made it mandatory to use the Faster Payments System (FPS) for systemically important credit institutions in the event that their individual clients pay for goods, works and services using a QR code.

The requirement does not apply to making payments for housing and utilities. At the same time, from October 1, banks need to use the SBP when making payments between individuals at the initiative of the recipient of funds.

Banks should also provide an opportunity to make payments to legal entities and individual entrepreneurs through the BPS in favor of individuals. The latter measure does not apply to salary payments and payments of legal entities whose accounts are opened in the territorial bodies of the Federal Treasury.

Product cards

Faster Payments System

Earlier, the Bank of Russia announced that in 2022 it intends to launch transfers to other countries through the Faster Payments System.

Original (in Russian)


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