On February 22, the Central Bank of Russia announced the removal of QIWI Bank and the Contact payment system from the official registers that designate payment system operators. The decision was supported by official releases from the central bank and the accompanying data provided to the public, which document the regulator’s actions and findings. The notice confirms that these changes are part of ongoing supervision of payment service providers and their compliance with established rules for consumer protection and financial integrity.
The Contact system had been registered as a payment service with a social significance status since its inclusion in the register in 2017. Its long-standing position reflected the breadth of its reach and the contribution to the country’s payment infrastructure, especially for everyday transfers that connected numerous agents, businesses, and customers across regional boundaries. The system operated a wide network, enabling many citizens and organizations to participate in financial transactions through a broad network of locations and channels.
Following the central bank’s domestically observed concerns, Contact was described as one of the major channels for money transfers within Russia and to international recipients. Official statements indicate that the network reached hundreds of thousands of points where funds could be received or sent, underpinning a substantial portion of routine remittance activity both domestically and abroad. The regulator’s action underscores a shift toward stricter oversight and heightened scrutiny of operational practices within large payment ecosystems that serve diverse users and businesses.
In the days leading up to February 21, the central bank revoked the license of QIWI Bank after identifying a series of violations that triggered regulatory concerns. The timing of the license revocation coincided with the suspension of the Contact system’s operations, reflecting the regulator’s approach to timely enforcement in the face of identified noncompliance. This sequence illustrates how licensing, registration status, and ongoing supervision interact within the broader framework governing payment entities and their ability to offer services to the public.
The regulator clarified that transfers initiated through Contact could still be addressed through the designated consumer protection channels for refunds if a transfer had not been completed. This assurance aims to provide recourse for users who relied on the system while the regulatory changes were being implemented. It is also noted that international assets formerly associated with QIWI were part of transactions and holdings that later changed hands under previous corporate arrangements. The overall move reflects a broader pattern of regulatory reform in the Russian financial services landscape, where authorities emphasize compliance, reliability, and safeguards for those engaging in electronic payments and cross-border transfers.
Looking at the practical implications, users and affiliates tied to Contact may have had to adapt quickly to the new regulatory posture, finding alternative methods for conducting transfers and seeking refunds where appropriate. Vendors and customers alike can benefit from enhanced clarity about eligibility, timelines, and the channels available for resolution when transfers do not arrive as expected. The incident serves as a case study in how supervisory bodies balance the imperative to keep payment ecosystems secure with the need to maintain accessible financial services for residents and international partners.