16:26, 8 June 2020 Page views 661 views

Coronavirus boosts Faster Payments System

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In May, Russians used the service to make over 2 mln transfers for the amount exceeding 20 billion rubles, the Bank of Russia says.

From the start of its operation, the Faster Payments System has processed 16 million transactions of RUB135 billion worth as of June 1, 2020. The intensified growth of FPS transaction volume in April-May was driven both by eliminating the fees from May 1, and getting Sberbank connected to the FPS.

According to estimates of the FPS major participants, the volume of transfers grew at a faster pace in spring. Outgoing transfers from Absolut Bank grew 3.5 times in April, all transfers in SKB Bank in May - by 60%. VTB noted that the average check for inbound transfers increased.