Tinkoff Bank among first adopters of Faster Payments System in Russia

Thursday 28 February 2019 14:36 CET | News

Tinkoff Bank has become an early adopter of the Bank of Russia’s Faster Payments System (FPS) as it continues to build out its payment services ecosystem.

Customers can now make and accept instant payments to and from accounts at any FPS member bank using just a mobile phone number. All P2P payments from debit cards during the launch period will be free of charge.

The Bank of Russia introduced FPS this year to allow instant P2P payments using mobile phone numbers. The system will be expanded to allow individuals to pay companies for goods and services in the second half of 2019.

12 banks and payment systems are taking part in the pilot phase, including VTB, Gazprombank, Alfa Bank, Raiffeisenbank, Rosbank, Sovcombank and Qiwi. Another 98 banks have also applied to join the scheme.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Tinkoff Bank, Faster Payments System, Russia, instant payments
Countries: World