Transfer requests facilitated through SBI saw a significant surge, according to VTB analysts
In Russia, the Fast Payment System (FPS) has become a common and convenient solution for everyday financial operations, as highlighted by Alexei Okhorzin, Senior Vice President of VTB. The system, which is now a widely used service, saw a significant increase in usage compared to the previous year, with a 62% rise in transfers.
The popularity of FPS transfers in Russia is growing rapidly, with VTB being a significant player in this market. In the second quarter of 2025, Russians conducted a record 4.6 billion operations worth 24.8 trillion rubles through the FPS, reflecting the system's widespread usage among the population.
One of the key factors driving this growth is the adoption of biometric payment technology. Over the past 18 months, Russia has installed 1.2 million facial recognition payment terminals nationwide, with projections of reaching 1.5 million by the end of 2025. This innovation allows users to pay without plastic cards or phones, simply by smiling at a terminal, and has helped increase transaction volume substantially.
The convenience and security of biometric FPS payments—there have been no fraud cases reported—make it attractive for both individual transactions and corporate use. This technology contributes to reducing reliance on traditional payment instruments and foreign card networks, especially as Russia phases out Visa and Mastercard cards in favor of its own Mir system.
Moreover, the FPS is not the only innovation shaping Russia's payment landscape. The country is increasingly adopting on-chain payment methods such as stablecoins pegged to the ruble to navigate Western sanctions and bypass traditional financial systems like SWIFT. This further diversifies payment mechanisms for companies involved in foreign trade, complementing FPS for domestic convenience.
The growth of FPS usage positively impacts individual consumers with faster, simpler payments and helps companies by streamlining transaction processes within a challenging geopolitical environment. The increase in FPS transfers to VTB was significantly more than the previous year, and the bank attributes this growth to the convenience, speed, and minimal fees offered by the service.
In conclusion, the usage of FPS in Russia is growing rapidly due to biometric payment technology improving convenience, market expansion reflected in increased transaction turnover, and the transition away from international card networks to domestic solutions. This growth benefits both consumers and companies, offering faster, simpler, and more secure payment options in a challenging geopolitical environment.
[1] Source: Kommersant [2] Source: TASS [3] Source: RBC
The Fast Payment System (FPS) growth in Russia benefits not only consumers but also companies, as businesses can streamline their transaction processes with the system's convenience and speed. (Source: Kommersant)
Furthermore, the rise in FPS transfers to VTB can be attributed to the service's minimal fees, which make it attractive for corporate financial operations. (Source: TASS)
