More funds transfer opportunities available for individuals in FPS
Banks should not set the limit for funds transfers over individuals’ accounts via the Faster Payments System (FPS) below 150,000 rubles per day, which will improve their availability.
This norm is established by Bank of Russia Regulation No.
Currently, some banks set lower limits on daily FPS transfers. Credit institutions must adjust them by 10 June 2021 inclusive.
In addition, from 1 April 2022, FPS participants will be obliged to provide their customers with a possibility to pay for goods and services via the SBPay mobile application developed by the National Payment Card System. This app allows paying using a QR-code in any retail outlet where payments via the FPS are accepted.