17:35, 5 December 2022 Page views 432 views

85% of POS terminals will support QR code payments in a year, NSPK expects

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In late October 2022, a technical release was published to enable credit institutions to start the integration of Mir card payments based on a QR code generated on the shopper’s smartphone, a spokesperson of NSPK explained. “The operational bulletin published in December provides for the integration of this solution on the side of banks and merchants until the end of April 2023. We expect that by this time banks will be prepared to test the service and make it possible for their customers to accept payments using this technology,” he added.

According to the Bank of Russia, there are 3.7 million POS terminals installed in Russian retail outlets. Thus, the mandatory introduction of the new technology is a challenge for banks because of the immensity of the task. Most credit institutions have a significant part of their terminal fleet not equipped with QR code readers, and such terminals will have to be replaced, a source from the banking market told the publication. With the price for a terminal with a reader at 15-20 thousand rubles, the re-equipment can cost banks tens of billions of rubles in total. Meanwhile, the interlocutors of the publication say that all this is only necessary to allow IOS users to pay with smartphones, because those who use Android can pay through MirPay.