Sber’s QR Code System and the Push Toward Competitive Interchange
The chairman of Sber, German Gref, emphasized that a unified payment system built on QR codes, designed to connect Russia’s major banks, must stand as a competitive product. He argued that there should be at least two parallel platforms in the market so that users and merchants benefit from real choice and innovation rather than a single dominant option.
Speaking at a press conference during the Eastern Economic Forum, Gref recalled that a consortium has already been formed to develop a shared QR code system. The group includes eighteen of the country’s largest financial institutions, all agreeing to collaborate on common standards and interoperability to serve the broader payments ecosystem.
Gref noted that the multi-platform landscape already exists in practice. The project has progressed over five years, and he clarified that Sber’s original platform has become independent from the bank. It is expected to be transferred into the ownership of the consortium, ensuring governance that aligns with the collective interests of the participants rather than a single corporate entity.
The purpose behind this arrangement is to foster competition among banks and prevent the emergence of a monopoly. Gref pointed out that current large platforms exert some influence on the central bank, yet the aim is to create an environment where fair competition can thrive and drive better services for consumers and businesses alike.
Dmitry Malykh, Senior Vice President and head of the B2C Transactional Banking block at Sberbank, reported late last June that the volume of transactions conducted via the QR Fast Payment System (SPB) of the Bank of Russia and Sberbank’s QR platform was nearly on par. This parity signals strong momentum for QR-based payments and highlights ongoing collaboration across institutions to harmonize usage, security, and user experience for buyers and merchants across the domestic market. [Citation: Industry press briefing, Eastern Economic Forum insights]