A leading financial analyst, Vladislav Antonov, described the elimination of commissions charged to banks for transfers between accounts via the Central Bank of Russia’s Faster Payments System as a meaningful and positive development for the country’s payments landscape. This observation was shared in a conversation with Izvestia, where the analyst connected the policy move to broader benefits for the economy and the banking sector alike. The change is expected to align with a growing push toward faster, cheaper, and more inclusive digital payments, reinforcing the strategic shift toward instant money movement across financial institutions.
From Antonov’s perspective, removing these transfer fees is likely to accelerate the expansion of the Faster Payments System within the national payments framework. The policy is anticipated to lower operating costs for banks, which in turn could translate into more aggressive adoption of digital channels by lenders. For many institutions, reduced interbank friction may stimulate a higher tempo of product development, better customer experiences, and a broader range of services tied to real time settlement. As a consequence, user adoption is projected to rise, with estimates suggesting a notable increase in the number of system participants and daily transactions as digital payments become more convenient and accessible for everyday use.
Historically, the Faster Payments System has been a cornerstone of the country’s transition to cash-light commerce. Initiated to enable payments and transfers through mobile apps using a recipient’s phone number, the system also supports in-store purchases via QR codes. This capability creates a seamless experience for consumers who want to move money quickly, whether sending funds to a trusted contact, paying for groceries, or settling a service bill. The interoperability with widely used mobile banking tools means more people can participate in digital payments with minimal friction, contributing to a broader shift away from cash reliance and toward a more resilient, efficient payments ecosystem.
Official data from the latest reporting periods show substantial activity and growth within the Faster Payments System. In a recent quarterly snapshot, a significant share of the adult population reported using transfers through the platform, while a substantial portion of purchases and payments for goods and services were completed through it. The system processed billions of transactions, with the value of these movements reaching trillions in local currency units. The period also saw continuous growth in the number of retail outlets accepting QR-based payments, signaling broad merchant participation and consumer confidence in digital payment methods. Analysts highlight that the observed expansion reflects a combination of consumer demand for speed, merchants seeking efficiency, and financial institutions pursuing greater reach and cost-effectiveness in their payment rails.
In summary, the ongoing policy adjustment to remove interbank transfer commissions underlines a broader trend toward faster, cheaper, and more convenient digital payments in Russia. The Faster Payments System stands at the heart of this evolution, supporting a more digital economy, reduced reliance on cash, and increased competition among banks to deliver streamlined, user-friendly payment experiences. As adoption grows and the ecosystem continues to mature, the system is likely to play an increasingly central role in everyday financial life, shaping how people move money and complete transactions across the country.