10:46, 16 February 2021 Page views 712 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.

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“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