Almost all Russian banks are connected to the so-called “Fast Payments System”. The system allows individuals to make payments to each other. No bank details or card numbers are required, a recipient’s phone number is enough to make a payment. Payments are cheap, made instantly and 24/7.
It is expected that soon the Fast Payments System will be also available for companies and individual businessmen. Some banks are running tests now and other banks are expected to connect to the updated system in 2022.
The Central Bank of Russia has approved commissions for B2B payments – from 0,05 to 3 rubles per payment. Additional charges from banks are however possible.