Tinkoff Bank among first adopters of Faster Payments System in Russia

Tinkoff Bank has become an early adopter of the Bank of Russia’s Faster Payments System (FPS) as it continues to build out its payment services ecosystem.

Customers can now make and accept instant payments to and from accounts at any FPS member bank using just a mobile phone number. All P2P payments from debit cards during the launch period will be free of charge.

“As one of the first banks in Russia to introduce payments using mobile numbers, Tinkoff Bank’s participation in the Faster Payments System along with other top players will help popularise the system and meet market demand,” said Anatoly Makeshin, Head of Payment Systems and Vice President of Tinkoff Bank.

“Our experience with our own ecosystem has shown that payment using mobile numbers is highly popular and a successful addition to the overall development of the payment services infrastructure. We are continuously working to offer quicker and easier payments to our customers while maintaining our usual highest level of security.” The Bank of Russia introduced FPS this year to allow instant P2P payments using mobile phone numbers. The system will be expanded to allow individuals to pay companies for goods and services in the second half of 2019.

12 banks and payment systems are taking part in the pilot phase, including VTB, Gazprombank, Alfa Bank, Raiffeisenbank, Rosbank, Sovcombank and Qiwi. Another 98 banks have also applied to join the scheme.