13:11, 29 August 2022 Page views 777 views

PSB among first to test operations with digital ruble

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To conduct test transactions, it was enough to get registered in the bank's mobile application and open a digital wallet. After that, non-cash rubles on the account could be exchanged for digital ones and the digital currency could be transferred to customers, including those of other banks participating in the pilot project.

All information about the transactions performed was received from the Bank of Russia digital ruble platform and immediately reflected in the balance of the client’s digital wallet in the mobile application.

“PSB was one of the first banks to implement and successfully test a simple and understandable technology for making transactions in digital rubles in a mobile application. We see great potential in this instrument, which we expect will become a new settlement standard in the Russian economy. The successful testing lays the foundation for future operations with the digital ruble and opens up great opportunities for the public and companies. Reliable and secure transfers in digital currency will soon become available to the population throughout Russia, the state will receive additional tools for administering budget payments and targeted social payments, while businesses will benefit from the new settlement technology that will help them to automate all payments and internal business processes,” noted Senior Vice President, Head of Digital Business at PSB Alexander Chernoshchekin.