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The Central Bank is preparing to require large trading companies to accept payments via the Fast Payment System (FPS) and to use digital rubles. Cited by Interfax from unnamed sources, the regulator has drafted amendments to the consumer rights protection law to formalize these requirements.

The agency reports that the initial plan is to extend the mandatory acceptance rule for FPS to sellers with annual revenues above 30 million rubles, starting October 1, 2024. A broader mandate would then apply to entities with income over 20 million rubles beginning October 1, 2025.

Regarding digital rubles, mandatory use would apply to firms with revenues of 30 million rubles or more. The implementation would roll out in stages: October 1, 2026 for those earning at least 30 million rubles, and October 1, 2027 for entities with earnings over 20 million rubles. Retail outlets with annual turnover under 5 million rubles receive exemptions, including an exemption from accepting Peace cards.

Recent data show the transaction volume on FPS rose sharply in 2023, reaching 31 trillion rubles and more than doubling the toll from 2022. The number of individual transactions climbed to about 7 billion, with officials pointing to the boost from cash-back incentives as a key driver of FPS adoption and growth.

Officials argue that a compulsory shift to FPS and the digital ruble would foster greater competition and widen access to payment services while cutting overall costs through lower merchant fees and simplified settlement processes.

The narrative around these changes reflects the broader push to modernize Russia’s payment infrastructure and reduce reliance on traditional cash handling. The evolving framework is expected to influence how consumers and businesses conduct everyday transactions, with implications for financial transparency and consumer protection in the evolving payments landscape. [Citation: Interfax]