10:59, 3 March 2021 Page views 727 views

Experts anticipate QR code payments to grow by nearly 15% over next years

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Now this payment option accounts for less than 1% of the total acquiring volume, VTB told Izvestia.

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The volume of QR payments is growing monthly by 30%, the newspaper reports with reference to Delobank. Alexander Dynin, head of acquiring at Otkritie Bank, told the newspaper that within two years this payment method could account for 15-20% and 7-10% of the total volume of online and offline payments, respectively. PSB estimates the potential QR payments market share at 10-15% in 5 years. Anna Bodrova, senior analyst at IAC Alpari, expects that QR payments can represent up to 25% of the market within 5 years.

Businesses demonstrate their interest in QR payments because of lower fees (0.4 -0.7%) compared to card acquiring, while card payments are charged at 1.2-2.2% on average, the Central Bank told the publication. Besides, merchants need no additional equipment, and funds are credited to the account immediately upon payment.

 The adoption of this payment method is now constrained by the fact that few banks are connected to this technology. However, starting from October 1, all major Russian financial institutions will have to get connected to the system to meet the requirement of the Bank of Russia.

Source: the Izvestia newspaper