Russian Banks Started Issue Wages by Phone Number

Several Russian banks have launched a salary transfer service through the Quick Payments System from legal entities to individuals by phone number, RBC reports. This option was connected to Russian Standard for its corporate clients and then Raiffeisenbank, Tinkoff Bank, Dom.RF Bank, and Vesta Bank are also decided to test the innovation. 

It is specified that the Fast Payment System allows transfer funds by phone number, as well as pay for goods and services using a QR code. From May 1, Russians can make free transactions with amounts up to 100,000 rubles. In addition, the Central Bank of Russia is developing a similar centralized service for all credit institutions. It is noted that the service has already gained supporters, but there is still a high need to think over the technical implementation of the project.

Ru-Main, 22.09.2020 

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