The Bank of Russia is preparing a notable shift in how payments are made by introducing a universal QR code for buying goods and services. A pilot project is planned for mid-2024, aiming to test the new standard across several participating banks and a set of market players. The central bank outlined this initiative as part of a broader effort to simplify everyday transactions and reduce the clutter of multiple payment codes in circulation across the country.
Officials indicated that the universal QR will serve as a single, shared payment standard. The goal is to spare customers the task of figuring out which QR code to use for a given retailer or service. In practical terms, the universal code would enable consumers to scan one QR to complete purchases, regardless of the brand or form of the merchant’s payment system.
In addition to the QR initiative, the central bank is exploring a biometric payment concept, often described as a form of biometric verification at the point of sale. Planned for a mid-2024 rollout, this technology would allow shoppers to authorize payments up to a prescribed limit through facial recognition alone, removing the need to enter PINs or use physical cards for many transactions.
Industry observers note that the move comes in response to public feedback about the prevalence of various QR codes and the confusion that can accompany choosing among them. A unified standard promises a smoother experience for both everyday consumers and business owners who must integrate payment options into their systems without duplicating effort or resources.
Experts have previously highlighted how clearer payment methods can help older citizens manage their finances more confidently, presenting a practical example of how new technologies can align with the needs of diverse user groups. The push toward standardization also has implications for lenders and credit providers, who may benefit from streamlined repayment flows and reduced friction in obtaining loans or handling transactions with clients who rely on digital payments.
As the Bank of Russia advances these pilots, it remains to be seen how widely the universal QR and biometric payments will be adopted, and what safeguards will be put in place to protect user data and privacy. The overarching aim is to foster a more interoperable payment ecosystem that speeds up checkout and broadens access to digital financial services for residents across both urban and rural areas.
In related developments, officials continue to monitor the impact of these technologies on the financial landscape, ensuring that new systems complement existing measures designed to enhance security, transparency, and consumer protection. The coming months are expected to reveal details about the pilot participants, the technical standards involved, and the metrics used to assess success across Canada, the United States, and beyond, as the adoption of universal payment technologies gains momentum across international markets [Source: Interfax].