Name
Global FinTech Guide
Country _ Name
Russia
SectionTitle
Payment services
Body
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.

Introduction

Attitude of the country towards modern payment services

Russia is following global trends in the development of payment services and technologies. In particular, the development of non-cash payment tools continues. Payment services that allow payments to be made using mobile applications are widely popular in Russia. In addition to this, in 2023, such payment methods as sticker cards, QR codes, special tags for contactless payment with a smartphone (NFC tags), as well as other services, gained popularity.

In Russia, the Faster Payment System (SBP) is also widely used, with more than 200 banks connected to it. SBP is a payment service that allows interbank transfers without using bank card details. Transfers using SBP are made using mobile phone numbers, QR codes, NFC, links, and other means of identification.


Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

The Russian National Payment System (NPS) provides the necessary infrastructure for non-cash payments within the country. The activities of the NPS are regulated by the Federal Law No. 161-FZ dated June 27, 2011 "On the National Payment System". This law also regulates the provision of payment services, including money transfers, the use of electronic payment instruments, the activities of entities within the national payment system, and defines requirements for the organization and functioning of payment systems, as well as the procedures for supervision and oversight in the national payment system.

In Russia, money transfer operations can be conducted by: the Bank of Russia, credit institutions authorized to carry out money transfers, the state development corporation VEB.RF and branches of foreign banks. Credit institutions and branches of foreign banks are allowed to carry out these operations based on a license issued by the Bank of Russia in the manner established by Federal Law No. 395-1 dated December 02, 1990 "On Banks and Banking Activities".

Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area

N/A


Economic conditions

Market size for payment services and biggest payment service providers
As of the beginning of 2025, the NPS comprises 28 payment systems and 354 money transfer operators. Among them, 15 payment systems are considered socially or nationally significant. The assignment of the status of a socially or nationally significant payment system is determined by the Bank of Russia based on several criteria, including the volume of transfers conducted by such payment systems.

The Faster Payment System (SBP), developed by the Bank of Russia and the National Payment Card System JSC, is one of the largest payment services in Russia. It is a service through which interbank transfers can be made within 24 hours using a mobile phone number. The commissions for such transfers are low or nonexistent. SBP also allows you to pay for purchases, including using a QR code, and receive payments from organizations.

As of the beginning of 2025, 7 out of 10 Russian residents used transfers via the SBP, and 5 out of 10 used payments for goods and services.. As of 1 May 2025, there are 225 participating banks in the SBP. 30.2 billion transactions worth 151.7 trillion rubles were carried out in the system.

Additional comments regarding the economic situation for payment services or what FinTech’s must be aware of in this business area

FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.

Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.



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