QR code payments could account for over 30% of transactions within three years — WB Bank

QR code payments could account for over 30% of transactions within three years — WB Bank The bank said there are several reasons for this, including the rollout of the universal QR code and the convenience of the technology for consumersMOSCOW, July 3. /TASS/. The share of QR code payments in Russia could double over the next three years and exceed 30% of the country's total cashless payments, chairman of the management board of WB Bank and head of fintech at RWB Georgy Gorshkov said at the Bank of Russia's Financial Congress. "The next stage in the market's development will be the transition from plastic cards to QR code payments. Their share will double within three years and could exceed 30% of the total volume of cashless payments," he said. According to Gorshkov, there are several reasons for this, including the rollout of the universal QR code and the convenience of the technology for consumers. Innovation in the payments sector is no longer centered on plastic cards, but on new, more flexible instruments. Key advantages of QR code payments include the ability to pay using a smartphone and to link accounts from different banks to a single payment service. Russian Pay services, including WB Bank's proprietary WB Wallet, are already moving in this direction, the head of RWB's fintech division noted. The current model, under which one card is linked to one account at one bank, no longer meets modern consumer needs. The industry is moving toward solutions that support multi-bank scenarios and give consumers greater freedom in choosing how they pay, the banking executive said. "There are around 550 mln plastic cards in the hands of Russians, representing approximately 250 bln rubles in additional issuance and delivery costs, while only 50% of those cards remain active. QR is currently the most technologically advanced payment method on which new innovations can be built," Gorshkov said. He emphasized that the Bank of Russia and the development of the Faster Payments System have played a significant role in this process. Bank of Russia does not expect negative GDP figures for Q2 due to fuel situationAn updated medium-term macroeconomic forecast will be released at the meeting of the regulator’s Board of Directors on July 24Read moreFinland on list of targets for Russian nuclear weapons — MedvedevThe deputy chairman of the Security Council explained that this happened after Finland lifted its ban on the import of nuclear weaponsRead moreInvestigators establish Monaco bomber identity — AFPAn arrest warrant has been issuedRead moreErdogan regularly holds consultations with Putin on regional issues — FidanBecause look at our region, at the ongoing conflict in the Black Sea basin, which is important to us. 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