SBPay payment application launched in Russia

01.04.2022 | 16:20 Home / News / Fintech /
#SBPa #Bank of Russia #NSPK
In the coming weeks, most Russian banks, including the largest ones, will provide customers an opportunity to pay for purchases and services using SBPay.

TASS reports that this was stated by the press service of the Bank of Russia (CB), noting that to date, such opportunity is provided to customers of about 40 banks. It is noted that the Bank of Russia and the National Payment Card System (NSPK) negotiate with banks on this issue.

“SBPay is a mobile application allowing to pay for purchases and services through the System of Fast Payment. To date, about 40 banks have provided such an opportunity to their clients while in early March their number was four. We expect that in the coming weeks, most banks, including the largest ones, will also provide such an opportunity,” the regulator said.

About SBPay

SBPay is a mobile application allowing to pay for goods and services in retail stores and online using all payment methods supported by the System of Fast Payment. The application was developed by the National Payment Card System. SBPay is supported on devices with Android OS version 6.0 or higher and iOS, starting from version 13. Payments through the SBPay application are made from the user’s bank account, bank card data is not used in the application.

Earlier the Bank of Russia announced that until July 1, 2022, it will not apply the measures envisaged against banks for not providing their customers – physical persons – with the opportunity to use the System of Fast Payment using SBPay from April 1, 2022.

The Central Bank of the Russian Federation takes such actions in order to reduce the regulatory and supervisory burden on the entities of the national payment system in conditions of restrictive measures introduced by foreign states.

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