The central Bank of Russia recorded a threefold increase in the number of purchases using QR-code. In October, Russians paid for more purchases using the 'System of Fast Payments' QR-codes than any other previous time since the launch of such payments. CEO of the Payment system Sendy reported to Radio 1, what explains this growth.
"The popularity of QR-payments has certainly increased significantly in today's market. The main peak of popularity was when all banks and large retailers began to connect to the System of Fast Payments (SBP) during the pandemic. This system is highly demanded in e-commerce. It is very convenient to make an online payment, by simply scanning the QR-code generated on the webpage. There is no need to enter any card data, carry out complex procedures or transaction(s) verification via SMS. It's very easy and simple," says the CEO of the Payment system Sendy.
As for traditional large retail stores, the popularity of QR-payments is also increasing.
"Progressively more stores are being on-boarded. This increase in popularity is due to the low cost of acquiring for merchants – it is significantly lower than that of bank cards. Merchants are very supportive and promote this method of payment due to its low costs and usability efficiency. Additionally, the system is recognised as a national Payment system, which is largely supported today, given the geopolitical risks. Of course, switching to QR-payments will not replace the traditional cash register system, but will add a new payment method. In the stores, you can pay for your purchases in cash, with a bank card, and now also with a QR-code," said the CEO of the Payment system Sendy.
Payments for goods and services through the System of Fast Payments was launched by the Bank of Russia in the second half of last year. To make a payment, you need to just scan the QR-code presented by the merchant using any of the banking applications on the market that support this technology. Now, 22 banks and more than 44.5 thousand merchants are connected to this service.
