Large banks are planning to connect to SBPey, a payment service associated with the Central Bank's Fast Payment System, in the near future. As planned, it should compete with the already familiar Google Pay and Apple Pay. However, the service does not yet have NFC payment by smartphones or smart watches. The market believes that the new payment service will attract Russians with additional discounts and promotions. As early as this year, Russians will be able to pay for purchases in stores through SBPey in “one click” – similar to Apple Pay, Samsung Pay and Google Pay. The largest banks connect the application, their representatives said, and the press service of the National Payment Card System specified that the payment functionality will appear in the application in 2022.

Absolut Bank is currently studying the specification of the service, in January-February 2022 it plans to implement the corresponding opportunity for customers, VTB plans to connect it in the first quarter of 2022, the press services of credit institutions reported. Otkritie, Moscow Credit Bank, Post Bank, Novikombank, Ak Bars Bank, Dom.rf and Zenit should be in time by April 1, 2022, bank representatives specified. The application is already available to clients of Russian Standard Bank, SKB Bank, KKB Bank (WebMoney) and Gazenergobank. By April 1, 2022, all systemically important banks and banks with a universal license - participants in the Mir payment system - must ensure connection to the SBPey.

SBPey was launched in April 2021. Now, in order to make a payment through the application, you need to register in it and confirm the terms of use (as in any other Pay service). Then you need to select the “scan QR” option right on the main page and, in fact, scan the code with the camera of your smartphone. Then the application will prompt you to select the account from which you will pay for the purchase. You select an account, check that you are paying the Flowers store, for example, in the amount of 700 rubles. You confirm the payment, and the money is instantly debited from your account and credited to the account of the outlet.

Apple Pay, Samsung Pay and Google Pay allow you to make a payment by simply placing your smartphone on the terminal and confirming the payment using your fingerprint or face. Payment is made using NFC technology.

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How the Russian service will compete with the Western ones

SBPey will also have NFC, NSPK said.

“At the end of 2021, NSPK carried out the necessary tests to implement NFC technology in the SBPey application, which will allow paying for purchases with one touch, as with the help of Pay services already familiar to Russians,” NSPK representatives explained. “It is planned that in 2022 an updated application that supports this feature will become available for Android and iOS smartphones.”

Thus, now, in order to pay with the help of SBPey, the client must have the Internet on his smartphone. At the same time, the seller does not need to have the Internet to accept payments in this way. In the case of payment using other Pay-services, the Internet is also required, but not for the client, but for the outlet.

“Payment using SBP is a fairly new method of payment, so it is necessary that the store staff can help customers at first, explain how to initiate a payment,” representatives of the NSPK said. — With many different banking applications, each of which has its own specific client interface, this is not easy to do. SBPey as a single unified application will simplify the process of consulting customers for stores. If the buyer is a client of several banks, then it will be more convenient for him to pay using SBPey.”

SBPey will need to compete with existing cashless payment methods. Or rather, with the established habits of consumers. The store and the bank need to explain to the client that at the checkout he will need to, perhaps, perform a new set of actions.

“It is expected that stores will have an incentive for such retraining: thanks to lower commissions, they will be able to offer discounts and other incentives to customers,” says Pavel Shust, executive director of the Association of Electronic Money Market Participants and Money Transfers. “In addition, for small and medium-sized businesses, the government compensates fees for accepting payments through the Faster Payment System (FPS).”

On the other hand, if stores simply take into account the additional commission as their profit, this is unlikely to change customer behavior, the expert believes.

Russians will be motivated by the ruble

How much the Russians will need SBPey will become clear when the application goes to the masses.

“Only then will we be able to see,” says a spokesman for a top 50 bank by assets. “Formally, no one needed Apple Pay either, everything worked fine without it, but it turned out that now more than 500 million people around the world use it.”The level of convenience, speed and security of existing Pay-services is already quite high, most likely, financial benefits can become a significant motivator for Russians when using SBPay, Egor Krivosheya, head of research at the Skolkovo-NES Center for Financial Technology and Digital Economy Research, is sure .

Some companies already offer their customers additional bonuses or promotions to encourage them to pay for goods and services using the SBP. For example, until February 28, Russians can save on the purchase of fuel in the Yandex.Fueling service when paying with the SBP: there is a discount of 3 rubles. for every liter of fuel. The offer works at all filling stations connected to Yandex.Gas stations, of which today there are about 8,000 throughout Russia.

“We are confident that as the number of retail outlets that accept payment via SBP expands, new profitable offers from retailers will appear,” the NSPK said.

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