Faster Payment System (Russia)

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The Faster Payments System (FPS; Russian: Система быстрых платежей, acronym СБП) is a system operated by the Bank of Russia that enables individuals to transfer funds using an identifier (currently a mobile phone number) between accounts in different credit institutions. The FPS also supports instant 24/7 payments for work, goods, and services, including transactions made via QR code. In addition, the system is used by legal entities for payments to individuals (insurance compensation, transfers from brokers, and other cases). The operator and settlement center of the system is the Central Bank of Russia itself, while the operational and clearing center is the National Payment Card System. VTB Bank also functions as a settlement center for the FPS. In 2024, the FPS processed 13.4 billion transactions totaling 69.5 trillion rubles, including peer-to-peer transfers, retail payments, and transfers from legal entities to individuals. By the end of 2024, approximately 2.2 million retail outlets in Russia had implemented FPS payments. As of May 2025, the FPS included 225 participating banks. Since its launch, a total of 30.2 billion transactions worth 151.7 trillion rubles have been carried out through the system.