The Central Bank of Russian Federation (Bank of Russia) in October recorded a sharp increase in the number of payment transactions using the Faster Payments System (FPS) - 214% increase compared to September.
In October people in Russia paid for purchases using QR codes 213 thousand times, the purchases amounted to more than 765 million rubles (equivalent to $9.7 million). Since the launch of the service, almost 390 thousand c2b transfers have been carried out for a total amount of more than 1.67 billion rubles ($21.2 million), so 54% of the total number of payments and 45.8% of the total amount of transactions were conducted in October.
According to the publication, the popularity of QR codes as a payment method grew earlier, but the growth rates were not so high. In September, compared to August, the number of such transactions in FPS increased by 61% (although the volume increased by 105%), in August compared to July - by 62 and 69%, respectively, in July compared to June - by 57 and 42%, and in June compared to May - by 21 and 37%.
According to experts, the growth is caused by the general trend of a gradual transition to contactless payment methods, an increase in the number of connected trading companies, and the active promotion of FPS and its capabilities.
The Central Bank of the Russian Federation