In 2022, Russians set a new milestone in using the Fast Payment System, commonly known as FPS. The Bank of Russia’s press service published details that underline a sharp surge in the adoption of this service across the country. The year marked a leap in everyday financial transactions as FPS became more deeply integrated into consumer life and business operations alike.
Final figures show that citizens completed 358 million FPS payments in 2022, totaling 720 billion rubles. This represents a dramatic increase—roughly 26 times greater than the entire volume recorded from the system’s start at the end of January 2019. The acceleration demonstrates how FPS transformed convenience, speed, and accessibility for a broad cross-section of the population, moving from novelty to everyday tool for paying for goods and services.
The regulator also noted a substantial expansion in the number of points where FPS payments could be made. In 2022, the number of outlets accepting FPS rose to over 500,000, tripling from the previous year. This expansion created a wider and more consistent user experience, enabling people to complete payments in various retail venues, service points, and food establishments without cash or card friction.
Beyond individual consumers, FPS adoption penetrated professional sectors. Insurance companies, brokerage houses, and other financial service providers began using FPS to settle payments with their customers. The scale of these transfers exceeded 65 billion rubles, illustrating FPS’s growing role in business-to-person and service-related payouts. Overall, the service supported more than 3 billion operations in 2022, moving an aggregate of 14.4 trillion rubles across the system, with 213 banks enrolled in the FPS network by year-end. These numbers reflect a broad-based shift toward faster, cheaper, and more efficient payments across the Russian financial ecosystem, driven in part by policy and regulatory encouragement.
A notable policy development occurred in December when the Bank of Russia press service announced a commission framework for cross-border transfers involving FPS. Credit institutions participating in FPS were approved to charge a fee of 6 rubles for cross-border person-to-person transfers. This step aimed to clarify costs for users engaging in international transfers through FPS channels and to align cross-border payments with the system’s broader growth trajectory. The move signals ongoing regulatory attention to the balance between convenience, accessibility, and the cost of moving money across borders, while encouraging continued participation from banks and payment providers in FPS operations.