The Central Bank of Russia has spoken out against the monopolization of the payment QR code by individual banks, emphasizing that this could lead to distortion of market competition. The universal QR code, developed on the basis of the National Payment Card System (NSPK), provides equal conditions for all banks and promotes the development of electronic payments, the regulator's press service emphasized.
Herman Gref, head of Sberbank, previously expressed concern that the mandatory use of a universal QR code could reduce the motivation for innovation in the banking sector. He noted that Sber, Alfa-Bank, and T-Bank had their own projects to create a single QR code, but the Central Bank chose a different approach.
The press service of the Central Bank, in turn, noted that monopolization of the payment standard by individual players could give these players the opportunity to impose conditions on smaller banks.
When we talk about competition, we mean a single competitive field - equal conditions and rules of the game - for all market participants, regardless of their size. If the rules of the game are set by players who occupy the lion's share of this market and in their interests, then there is no healthy competition.
The Central Bank also emphasized that the universal QR code is an infrastructure available to all banks, allowing them to provide services to customers and compete at the level of products and services.
In September, Sber, Alfa-Bank, and T-Bank signed a memorandum of understanding to create a consortium for the development of a single QR code. In October, the Central Bank sent proposals to the Ministry of Finance to amend legislation regarding the use of QR codes, requiring banks to use only the universal QR code based on NSPK. In November, a bill was submitted to the State Duma on the introduction of a universal payment code for non-cash payments.
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