Bank of Russia postpones fines for using old QR codes
The Central Bank of the Russian Federation has decided to postpone the introduction of penalties for credit institutions regarding the use of outdated QR code formats. This decision is intended to allow banks to smoothly transition to the universal QR code developed by the regulator to improve payment convenience.
Initially, it was planned that banks would begin receiving fines for non-compliance with the new technical standards in the near future. However, representatives of the financial sector appealed to the regulator with a request to extend the transition period. Banks explained that they require additional time to update software and configure equipment across all branches.
New rules require banks to implement a unified QR code, which will allow customers to make transfers and pay for goods regardless of which bank issued their card. This is expected to simplify the payment process for consumers and reduce commissions for businesses. The regulator emphasizes that creating a unified infrastructure is an important step for the development of the country's digital economy.
the Bank of Russia has met market participants halfway and set new dates for when sanctions for violating the requirements will begin to apply. During this additional time, financial organizations must complete all technical work. Experts note that this measure will help avoid disruptions in payment systems and protect the interests of users.
Thus, the transition to the universal QR code standard will become mandatory for all banks slightly later than originally planned. Customers should not worry: familiar payment methods will continue to function as usual while banks prepare for the implementation of new technologies.