Non-cash purchases: how canceling the commission for money transfers to SBP can affect the share of non-cash payments in Russia

Since May 1, 2020, the Central Bank has limited the size of the fee for money transfers in the quick payment system (SBP). Now, Russian banks participating in the SBP will not charge a fee for the corresponding operations in the amount of up to 100 thousand rubles per month.

“We are talking about transfers by mobile phone number to each other or between your accounts opened with different banks participating in the fast payment system,” explained Alla Bakina, director of the national payment system department of the Central Bank.

At the same time, for transfers in excess of 100 thousand rubles per month, the maximum amount of commission will be 0.5%, but not more than 1.5 thousand rubles per operation. This is stated in the order of the Central Bank.

The quick payment system was launched in early 2019 and allows customers of different banks to instantly transfer funds by phone number. According to Alla Bakina, today 55 financial organizations are connected to the SBP, and since the launch of the service, the Russians have performed more than 13 million operations in it for a total of 112 billion rubles.

In this case, until now, banks could at their discretion charge a fee, the amount of which reached up to 1.5% of the transfer amount. This was said in an interview with RT by the investment strategist of BCS Premier Alexander Bakhtin.

“Zero commission for the transfer of up to 100 thousand rubles will allow Russians to send money to relatives in neighboring regions without extra costs, which is especially important in the context of the COVID-19 pandemic. Moreover, even for transfers of large amounts, customers will now spend three times less on a commission than on a card-to-card transfer service between different banks. As a result, according to the results of 2020, the volume of payments through SBP can grow by one third, ”Bakhtin notes.

It is noteworthy that zeroing the commission for money transfers can lead to a noticeable increase in the share of non-cash payments in Russia. This point of view in a conversation with RT was expressed by the chief analyst of TeleTrade Mark Goichmann. He believes that Russians will often use free instant transfers when paying for goods in online stores.

“Against the backdrop of the coronavirus pandemic and the introduction of a self-isolation regime, citizens are less likely to visit retail outlets, banks and service organizations. The proportion of online orders that Russians increasingly pay through SBP is increasing. Moreover, quarantine measures limit the mobility of citizens, making it difficult to pay the same rental apartment in cash. Now they can transfer money in a non-cash way without additional costs. The same trend is typical for food purchases, ”the analyst explained.

According to the latest estimates of the Central Bank, in Russia the share of non-cash payments in retail is 63%. According to Goichmann, in the current conditions, in the coming months, the figure may grow to 68%.

Moreover, the regulator’s actions to limit the commission for acquiring - payment of goods or services with bank cards play in favor of an increase in the number of cashless payments. This was in an interview with RT the director of the Academy of Finance and Investment Management Arseny Dadashev.

“With the help of acquiring, outlets can accept payment by cashless method. If such a service is free for the cardholder, then the seller must pay a commission for it to the bank, which averages 1.2–2.2%. As a result, some stores, in an attempt to reduce costs, prefer to pay in cash. In mid-April, the Central Bank has already reduced the marginal commission to 1% for online platforms, and is now working on similar measures for regular stores, ”said Dadashev.

According to the expert, a decrease in the commission for acquiring in the offline sales segment may lead to an increase in the share of non-cash payments up to 70%. At the same time, Alexander Bakhtin considers it possible to achieve the level of 75% according to the results of 2020. According to the analyst, such growth can occur due to the development of a contactless payment system.

“At most points of sale, you can pay for goods using your phone, which makes payment faster and safer in a pandemic. Loyalty programs of banks that add bonuses and cashback and provide discounts for paying with a card also make their contribution. These factors encourage Russians not to withdraw money from ATMs, but to pay for all purchases by non-cash means, ”the expert explained.