Major Russian banks start building second payment system

Sber, Alfa-Bank, and T-Bank began conceptual development of a second payment system. It may do without cards and focus on developing payments via QR codes, biometrics, and Bluetooth. 

The new system will not compete with Mir; it will focus on developing alternative payment methods. The project will allow banks to increase commission earnings and “protect themselves from profit outflow to marketplaces.” 

The idea of ​​a second payment system originated from Sberbank CEO Herman Gref back in 2023 has been never materialized. However, the idea has now been revived after the banks failed to come to terms with the Bank of Russia regarding a “universal” payment QR code, according to some sources. 

Sberbank noted that the conceptual development phase is underway, with the concept to be presented to the central bank as soon as ready. Other banks and companies will be able to join, but it is “too early to discuss.” T2, Beeline, and Sovcombank are interested in creating a second system. 

“The main difference with the second payment system is that it will not be powered by NSPK or Sberbank, but based on a separate infrastructure, and these changes will be first of all noticeable to banks,” said a market source. However, another says that the use of Sberbank's infrastructure is also being discussed. 

The investment volume is estimated at “several billion rubles,” according to Sberbank. The source specifies that it could be about 10 billion rubles, which is “not very much” for banks; the new system will recoup the investment “without any problems.”

Tweet