Banks and the Central Bank of the Russian Federation proposed a technical solution for the implementation of a single-payment QR code at retail outlets. This was reported by Interfax Referring to VTB Deputy Chairman Georgy Gorshkov.
According to him, a plan for the implementation of such a unified solution will be developed by the end of the first quarter of 2024. Gorshkov came up with the idea of creating a universal QR code on the Finopolis forum in November 2023.
Many major banks have supported this initiative as a single code could simplify the payment process for customers and make the market more competitive. The Central Bank also approved the proposal and decided, together with the banks, to find a way to implement the proposal within three months.
“We found a useful technical solution that can be implemented. I am confident that a plan for the implementation of this technology will be drawn up in the first quarter of 2024,” Gorshkov said.
According to him, the infrastructure should be accessible to all market participants and convenient for customers. “Unfortunately, the fact that at least one of the common QR payment technologies is not available to other users creates problems for customers. This deficiency needs to be eliminated,” says the VTB vice president.
Among the popular ones now is the QR code of the Fast Payment System (SBP) and Sberbank (SberPay). However, according to the first, banks do not give cash refunds, and the second is not available in other financial institutions.
At the end of 2023, customers complained to the Central Bank about cases where QR codes were substituted by offering the code of a particular bank instead of the selected bank. According to Olga Skorobogatova, the first deputy governor of the Central Bank, a single code can solve this problem.
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