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MIL OSI Translation. Region: Russian Federation –

The decision was made on behalf of the President of Russia.

Document

Order dated July 9, 2021 No. 1867-r

Small and medium-sized enterprises will be reimbursed for the cost of the bank commission for using the fast payment system (FPS) – 500 million rubles will be allocated for this purpose. This order was signed by Prime Minister Mikhail Mishustin.

Context

From the opening remarks by Mikhail Mishustin at an operational meeting with the Deputy Prime Ministers, July 12, 2021

The system of quick payments is a service of the Bank of Russia, which, among other things, allows you to pay for goods and services using mobile applications of participating banks. The commission in the SBP does not exceed 0.7% of the value of the goods. This is 2–2.5 times lower than that of other payment operators.

The 500 million rubles allocated from the reserve fund will be used to cover the costs associated with paying the commission from July 1 to December 31, 2021. The rules for granting subsidies, which were also approved by Mikhail Mishustin, provide for the following payment procedure.

In the first week of each new month, the bank connected to the system will transmit to the Ministry of Economic Development and Trade data on the number of SME transactions and the paid commission. Further, within 20 working days, the money for compensation goes to the bank. After that, within five days, he must list them to the entrepreneurs.

The adopted decision will allow the business to save on payments for servicing non-cash payments, and will additionally stimulate SMEs to connect to the fast payment system.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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