Central Bank’s express payment system grows by 250%

Credit: Iliya Pitaev | RIAN

The volume of transactions made via the Central Bank’s express payment system grew by 250% and reached RUR 3.5 bln ($54 mio) in just a month, said Olga Skorobogatova, first deputy governor of the Bank of Russia, TASS news agency reports.

The average transaction amount was RUR 8.5K ($132). Exports say that many banks have already noticed the convenience of the express payment system. It is not obligatory for all banks yet, but dozens of them are willing to connect to it, said Murad Salikhov, advisor to the board chairman of the Financial Innovations Association.

“This means that Russia is seeing a really efficient, contemporary system of banking interaction, which is especially important for a sustainable banking system,” Salikhov said. “Another thing that supports the popularity of the system is its intent to connect to not only banks, but also retail networks and online stores.”

For some banking organizations there are some inconveniences because it will be impossible for them to set their own service fees, which may cause losses in profits, and also they will have to update their software and equipment. These are probably all the reasons why not all banks have joined the system, Salikhov said.

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