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14 April 2021, 16:05

Belarus may join Russia's Fast Payment System in mid-2022

MINSK, 14 April (BelTA) - Interbank transfers to Belarus using a mobile phone number through the Russian Faster Payments System (FPS) will be available as from mid-2022, TASS reported citing the national payment system department of the Central Bank of Russia.

"Many countries in the EAEU are working on faster payment systems. Some are already planning their roll-out. At this stage we are already working out the interaction options. Belarus is one of the closest countries with whom we are cooperating. I think that such an opportunity will become available in the middle of 2022," the department director Alla Bakina said.

The regulator is working on the FPS integration and on the possibility of making card transfers to Belarus. "The second option, namely instant card-to-card money transfers, will be available at the end of 2022," she said.

The Faster Payments System (FPS) is a service that lets individuals make instant (24/7) interbank transfers to themselves or other persons using a mobile phone number. The banks need to be connected to the FPS. Currently the system unites over 200 banks.

The Faster Payments System was jointly developed by the Bank of Russia and the National Payment Card System. It was launched and has been in commercial use since 28 January 2019.

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