In 2023, Russians conducted approximately 27.7 trillion rubles in peer-to-peer transfers, a figure that doubles the level seen in 2021. This assessment comes from the regulator’s press service on its official Telegram channel. The Central Bank notes that individual spending via the fast payment system for goods and services reached another 3 trillion rubles, marking a rise of 4.5 times compared with the previous year.
Last year saw more than 7 billion transactions valued at about 31 trillion rubles conducted through the fast payment system, with roughly one third of activity occurring in the fourth quarter. The system also saw growing engagement from businesses, as the number of participating companies nearly tripled to about 1.5 million. The cashback program and the SBPay application were highlighted as key incentives driving greater popularity of the system among the general population and the central bank itself, according to official communications from the regulator.
Industry voices have weighed in on the system. Pavel Myasoedov, the director of IT-Reserve, has pointed out that while the fast payment system offers convenience, it also carries a risk of fund theft. He explains that hackers could manipulate an online store by sending a fraudulent SBP payment link to a customer after a large order. His guidance stresses the importance of verifying links before paying, especially when QR codes are involved, to prevent transfers to scammers.
Earlier discussions in the banking and regulatory community highlighted efforts to create a universal QR code for shopping, aiming to streamline and standardize mobile payments across platforms. This initiative has been part of ongoing work to improve interoperability and reduce friction in consumer transactions, as noted by stakeholders in the sector.