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Individuals can now make transfers between banks using phone numbers

Individuals can now make transfers between banks using phone numbers

On February 28, the Fast Payment System (FPS), developed by the Central Bank of Russia, was launched. The service allows individuals to make instant transfers to account holders of other banks using only a mobile phone number.

Transfers can be made via personal accounts and mobile applications of participating banks. Already major market players including VTB, Raiffeisenbank, Tinkoff etc. are participating. Soon, another 40 banks are expected to join the system.

It is planned that in the second half of 2019, the system will enable individuals to make transfers to legal entities through QR codes.