Russia's largest banks — Sber, Alfa Bank, and T-Bank, united on June 27 to create a unified QR code that will become an alternative to the Faster Payments System (SBP). The consortium also invites other financial market players to participate in discussing the project's architecture.
The project assumes that users will be able to scan a single QR code in stores, which will redirect them to the payment page. It is noted that Sber will transfer its domain multiqr.ru for this purpose. There, customers will be able to choose a payment method, including Pay-services, SBP, and the digital ruble after its implementation. All transactions will be processed through the consortium's settlement bank.
Currently, there are already several solutions for QR code payments in Russia, such as SBP (works with all domestic banks), SberPay, and T-Pay. However, a multitude of technologies can confuse users. Thus, the unification of banks is designed to simplify the user experience and improve the quality of payment services, which is expected to increase customer confidence in the technology and increase their engagement with banks.
The consortium will be created in several stages — first, applications will be collected from banks, then the terms and rules of management will be formed, after which an agreement on the creation of the consortium will be signed.
If there is a QR code in SBP, why do banks need to make another one?
During the presentation, the initiators of the consortium noted that the QR code from NSPK (National Payment Card System) "has a number of shortcomings." According to market players, such a service needs additional integration with all banks, which will entail additional costs for them. To implement it, it will be necessary to update the cash register software, as well as the mobile applications of credit organizations.
NSPK is also testing its universal QR code in a number of commercial enterprises in the country. The universal QR code from NSPK will allow users to choose a payment method through SBP or other services.
NSPK was originally conceived as a system that would increase the independence of the payment infrastructure from foreign payment services. Nevertheless, along with achieving strategic goals, the payment market has become more concentrated and more dependent on the decisions of the Mir system operator.
Experts believe that the creation of a single QR code from the banking consortium will increase the security and convenience of payments, as well as expand Russia's payment infrastructure, making it more resistant to external threats. They note that the pooling of banks' efforts will help to better cope with the task of developing a safe and convenient payment tool.
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