10:46, 16 February 2021 Page views 764 views

Russia’s central bank to set minimum daily limit of Rub150,000 for FPS transfers

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The regulatory requirement will be effective from October 1.


“Should an FPS member decide to cap the consumer payment amount, such credit institution will be obliged to allow an individual to make payments through the Faster Payments Service for a total amount of no less than Rub150,000 within a banking day” says the draft instruction of the Bank of Russia.

 Besides, if the directive is adopted, then, starting from April 1 next year, the FPS members will have to offer their customers an option of payment for goods and services using the FPS-Pay application, which allows payments through the FPS at any merchant that supports this payment method by scanning a QR code.

The new regulatory requirement will first and foremost affect Sberbank, with their Rub50,000 daily limit for FPS payments already in place, the RBC agency reports