Russia has expanded its reach of the fast payment system, allowing transfers to five additional countries. In an interview with a major newspaper, Alla Bakina, who leads the national payment system department at the Central Bank, confirmed this development and emphasized the broadened international use of SBP transfers.
According to the interview, SBP transfers are now possible from Russia to five foreign destinations. Bakina highlighted that the new corridors include Uzbekistan, Tajikistan, and Belarus, among others, underscoring the system’s growing cross-border reach.
Media coverage notes that customers of large banks such as Alfa Bank and VTB can already initiate these international transfers through SBP. The Alfa Bank app lists four beneficiary countries for SBP transfers: Belarus, Kyrgyzstan, Tajikistan, and Uzbekistan. A VTB press release indicated that its clients can send funds to four countries via SBP, though the specific destinations were not disclosed. The overall footprint of SBP has been expanding as more financial institutions enable cross-border payments through the system.
Izvestia reports that additional banks have announced plans to extend SBP transfers abroad. Rosselkhozbank has announced expectations to launch a cross-border SBP service within the year, while Pochta Bank has stated intentions to introduce the service in the first quarter of 2024. These plans reflect a broader push to connect more lenders with the SBP network for international payments.
There has also been a noticeable rise in the popularity of QR code payments within the Russian market, signaling a shift toward more convenient, contactless transactions alongside traditional SBP transfers.