The Fast Payment System (FPS) helps to instantly transfer money from card to card. You won't need its number, owner's name, expiration date, CVV or other details. Everything is much simpler. You don't need anything to transfer except a phone number linked to the account. In addition, within a certain limit, money can be transferred without commission. Therefore, let's talk about how to connect the FPS and use its capabilities to your advantage.
What is the SBP for?
The Fast Payment System is a development initiated by the germany mobile database Bank of Russia. It is a service for transfers between accounts of individuals and organizations. It has been operating since 2019. As of today, almost all Russian banks are connected to the system. Their clients can use the service regardless of their region of residence.
Among the possibilities of the SBP:
free interbank transfers;
instant money transfer;
transfers throughout Russia without reference to the region of the sender and recipient;
payment for goods and services using QR code;
transfers without a card – in this case, funds are debited from the sender’s account.
An important advantage of the service is confidentiality. Full account details are not required for transfers. The sender does not need anything other than the phone number linked to the recipient's card. The system itself finds and identifies it. Bank card and account details remain unknown and are not displayed anywhere. These are additional measures of protection against fraudsters and ill-wishers.