Russian citizens will be able to pay for goods via QR-code starting 2019

June 9

Payment while internet-shopping will become more convenient and fast.

The Fintech association, created by the Central Bank's initiative is working on an application that would allow to pay for goods bought at internet-shops by QR-code. «Izvestiya» reported it with reference to the source close to the Central Bank.

As the source told the service would be connected to a fast payment platform that is also being developed by Fintech. Its launch is scheduled for 2019.

According to the developers’ plans internet-shops that will have adopted the new service will get an additional payment option. After choosing it the screen will show a QR-code that could be read by a smartphone thus completing the payment. The user will not have to submit his card details, this would be done once at registration time.

Sergey Rusanov, Head of IT-department of Otkritie-bank believes: «The innovation is to promote convenience of internet-commerce. With the implementation of QR-code payment the market will get a reliable instrument that will allow small and new shops increase their chances to attract new clients».

Other experts agree with him. The Vneshtorgbank press-office noted that the payment by QR-code will facilitate transactions and will allow to pay for goods rapidly and securely.

In the opinion of Tamara Kasyanova, the managing partner of 2K audit company, the new service could take over some market share of digital wallets, as the payment process will become faster and easier for the user. Such services are popular in other countries, China for example.

The American retail-giant Walmart lead the development and implementation of CurrentC payment system in 2014-2015, that likewise provided for payments by scanning the QR-code from the smartphone screen. The users noted serious convenience issues of this payment method, that’s why the system could not compete with the more advanced ApplePay and AndroidPay. Soon it was driven out of the market.

Despite the apparent failure the Walmart’s management has learnt its lesson and decided to invest into blockchain. It became known that in April 2018 the company made two applications to the US Patent and Trademark office.

The first one described a technology for automatic performance of protected transactions in the client’s name and the second concerned the issue of distributed ledger usage for payment details’ encryption. When these designs will be implemented remains unknown.

It may so happen that the Central Bank’s service will repeat the path of CurrentC. That would mean that the service launch may become an intermediate step to a universal blockchain implementation.

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