When issuing a single QR code, it should be about a standard customer journey and not just using a single code from one merchant. Senior Vice President Dmitry Malykh, Head of Sberbank’s B2C Transactional Banking block, spoke about this at the session of the Finopolis-2024 forum “Competition = Partnership”.
According to him, the requirements in this process may be, for example: mandatory inclusion of payment through SBP, payment using digital rubles, etc. He also added that the code should not be secured by law. from a single market player as it could lead to monopoly.
“When we talk about regulation, it needs to be thoughtful and timely. It is good that the policies are defined and this does not pose any risks to customers and consumers of services. Let’s also combine loyalty programs and then “Hello World!” let’s say. “This already exists and we will legislate it,” Malykh said.
Ivan Pyatkov, director of Alfa-Bank’s retail business, said that conditions have already been created for the creation of an alternative payment system in Russia.
“I’m surprised everyone is fighting with a single QR. But the real story is that all conditions have been created for the creation of an alternative payment system. The two people left of their own free will, leaving NSPC, which had safely helped the payments market exist for all these two years. “But we know that any monopoly is not the most effective development model, so there is nothing wrong with the emergence of an alternative payment system in Russia,” he said.
Malykh emphasized that the Bank of Russia has always advocated the development of competition in the financial market and should be the assistant of banks. According to him, this system should not be developed on card rails.
Let us remind you that the issue of a single QR code arose on the same expert platform a year ago, after which this issue was raised by the Central Bank of Russia. The payment method has been actively used all this time, in particular, it is developed by Sber on the MultiQR platform, to which 18 banks are connected. To further develop the platform, Sber, T-Bank and Alfa formed a bank consortium. In response, the Central Bank spoke quite radically: the universal QR of the NSPK should be single.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.