Russia’s central bank to start testing cross-border QR code payments

The Bank of Russia will launch QR code payments testing based on the SBP (Faster Payment System) with other countries. Three of them have already signed respective agreements. This was announced by Alla Bakina, Director of the National Payment System Department of the regulator, on April 2.

The introduction of QR payment technology goes on to unlock, in particular, cross-border transactions allowing Russians to pay for goods and services when travelling abroad. 

“We are already running pilots to integrate our SBP-based QR systems with a number of foreign systems of QR code payments. Four countries are launching the pilot shortly, while agreements have already been reached with three countries,” the official said speaking in the State Duma.

 

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