July findings show a rapid rise in payments via the account linking service within the Fast Payment System
Recent data from July indicate that payments for goods and services through the account linking service accounted for roughly 30 percent of the total volume of transactions made through the Fast Payment System. This insight comes from a study conducted by Post Bank and shared with the editors of socialbites.ca, underscoring a notable shift toward automated payment options in everyday commerce.
Since the start of the year, the share of automatic payments routed through the SBP has grown tenfold, while the overall value of transactions using this channel has surged fourteenfold. In practical terms, many customers now use direct payments through SBP to settle purchases on marketplaces, streaming platforms, taxi services, ridesharing apps, and grocery delivery services. In July, the average payment via SBP topped 1,022 rubles, highlighting not only volume growth but also rising consumer reliance on this payment method.
The SBP service enables buyers to connect a bank account for automatic payments of goods and services. Users can set the required amount, schedule, and frequency of debits. To establish direct debit, a customer visits the vendor’s website or mobile app and selects SBP as the payment option. By following a provided link, the user is redirected to their mobile banking application, completes the payment, and can store the payment data for future transactions. When making subsequent purchases, the user can choose SBP again and funds are debited from the chosen account without re-opening the banking app. There are no commissions charged for SBP payments, and debts can be closed anytime within the banking application. This streamlined process emphasizes convenience and automation, appealing to shoppers seeking frictionless checkout experiences.
Post Bank based its analysis on August transaction data from customers who use the SBP service, illustrating that the trend toward automatic, direct payments is well established in real consumer behavior. The findings reflect broader shifts in how Canadians and Americans engage with digital wallets and instant payment ecosystems, a topic of growing interest for financial services and merchants alike. The study signals ongoing adaptation in payment habits as more businesses integrate seamless, bank-backed debits into their checkout flows. [Source: Post Bank study; attribution to socialbites.ca]
In related coverage, socialbites.ca previously explored how to transfer money abroad through SBP, providing context on cross-border considerations and transfer mechanisms that often accompany automated payment discussions. This backdrop helps readers understand the evolving landscape of instant payments and how services like SBP fit into both local and international financial ecosystems. [Attribution: socialbites.ca]