In Russia, the adoption of QR code payments within the Faster Payment System (FPS) has accelerated significantly since the start of 2022. The trend shows a clear shift toward using mobile devices to scan QR codes for everyday purchases, a method that has already gained substantial traction in Chinese markets. This movement reflects a broader realignment in consumer payment preferences, driven by convenience and speed, as more shoppers reach for their smartphones instead of traditional card swipes or cash.
Industry observers note that the average monthly spending through the SBP QR service remains modest at first glance, averaging around five thousand rubles per user. Yet the volume of transactions concentrates around a few key retailers, with MTS stores, Wildberries marketplace, and Svyaznoy stores leading the way in generating the most activity via SBP QR payments. The data imply a clustering effect where popular brands and convenient shopping experiences encourage higher usage among a broad customer base.
Forecasts from FPS and bank analysts point to a rapid expansion in the coming months. By the end of the year, experts project that the total payment volume could climb by more than fourfold relative to the beginning of 2022. Such growth would reflect both rising consumer comfort with QR-based transactions and an expanding network of merchants integrating SBP QR into their checkout flows, including small retailers and larger e commerce platforms alike.
Another factor fueling this shift is the temporary disruption in contactless wallet ecosystems. After certain restrictions affected Apple Pay and Google Pay, consumers in Russia increasingly turned to QR code payments as an alternative for quick, contactless transactions. This transitional period helped solidify SBP QR as a dependable option across a wide range of devices and banking apps, reinforcing its appeal for everyday purchases.
Market watchers note a practical opportunity for consumers: when considering device upgrades or new smartphone purchases, the option to obtain a device in the Chinese market using yuan might be worth evaluating for some buyers who want to diversify payment experiences and leverage cross border pricing strategies. Source: Socialbites.ca.