Central Bank has determined how National Payment System will develop

The regulator has approved the main directions for developing the national payment system until 2027. According to the Bank of Russia's press service, the document was created considering the proposals and comments of market participants.

The regulator focuses on the digital ruble, universal QR code, bioacquiring, Open API, and infrastructure development for international payments.

The document contains indicators and metrics by which it will be possible to judge the achievement of goals. For example, the share of non-cash payments for goods and services, but not via cards, is expected to be about 15% by the end of 2027. Currently, payments via bank payment applications, QR codes, biometrics, SBP, and digital rubles do not exceed 10% of the total volume of non-cash payments.

“5-7 years ago, cards made 95% of all non-cash payments. Now, this share is being redistributed in favor of other instruments. Our task is to give consumers a choice when, for each situation, be it a purchase in a store near home, on a marketplace, payment for housing and communal services, or any other case, selecting the optimal payment instrument would be possible. We will monitor how popular and practically used the new payment methods offered on the market are,” explained Alla Bakina, Director of the National Payment System Department of the Bank of Russia.

Currently, the share of non-cash payments in the country is 85.3%.

Author: Elina Akhmetova