Recently, the topic of the Universal QR Code has become one of the most discussed in the fintech community of Russia. In October 2024, the National Payment Card System (NPCS) finalised the implementation of this solution across the entire network of the System for Rapid Payments (SRP). But what is the Universal QR Code and how will it change the landscape of cashless payments in the country?

The need for a universal solution

Amidst the rapid growth of PAY services, many of which are trying to create their own QR codes, users are facing the problem of redundancy. Each new code requires the customer to switch between apps and even navigate to websites, giving them additional challenges. In response to these challenges, the idea of creating a Universal QR Code – a solution that combines all popular PAY services.

What is known about the Universal QR Code?

The Universal QR Code was developed by the NSPC as a single solution to simplify the payment process for all market participants – from retail chains to end customers. Discussions about its creation began back in late 2022, and in June 2024 the Central Bank of Russia launched a pilot project, in which 22 banks participated. The tests were successful and finished before the deadline.

The main principle of the Universal QR Code is that the user, having scanned it, gets to the universal page. On this page he can choose a payment method from a variety of offered options – from popular PAY services to the possibility of using the Digital Ruble and the Quick Payment System. This solution reduces the variety of payment methods to a single interface, minimising confusion and enhancing user experience.

Since its full implementation in 2024, the Universal QR Code has become the primary method of accepting payments within the BPS. It is already used by 207 banks and more than 4.8 million retail outlets. In the near future, it is planned to add the ability to pay with the Digital Rouble to further expand the system’s functionality.

Benefits for banks and customers

The universal QR code offers benefits not only to customers, but also to financial organisations. Dmitry Dubynin, CEO of the NSPC, emphasises that connection to the system is available to all banks on equal terms, which ensures a fair competitive environment.

Customers will also have an opportunity to choose loyalty programmes and receive cacheback from banks or SBP, which will additionally increase the attractiveness of using the Universal QR Code.

The future of the Universal QR Code

Plans for the further development of the Universal QR Code include integration with the Digital Rouble, which will become mandatory for retailers with revenues over 30 million roubles from 2025. This means that all companies with such revenue will have to adapt their systems to accept Digital Roubles.

In addition, the NSPK plans to give banks the opportunity to personalise the start page of the Universal QR Code. This will allow customers to see information about cacheback, bonus programmes and special offers before choosing a payment method.

The Universal QR Code from the NSPC is an important step towards modernising cashless payments in Russia. It opens up new opportunities for interaction between banks, retailers and customers, providing convenience of choice for users and creating competitive advantages for financial organisations. The implementation of this solution will become the basis for the formation of a unified infrastructure of cashless payments in the country, which in turn contributes to the development of the digital economy.