12 December 2019

Х5, Rosbank and NSPK make First transaction through Faster payment system

Moscow, 11December 2019 – X5 Retail Group ("X5" or the "Company"), a leading Russian food retailer (LSE and MOEX ticker: "FIVE"), and the National Payment Card System (NSPK) have made the first successful C2B transaction via the Faster Payment System (FPS) using a dynamic QR code. X5 became the first food retailer to process a payment with the new technology.

The C2B payment via the FPS with a QR-code was enabled by ROSBANK. The transaction was made through a self-checkout counter developed by X5 and located in its innovation lab. To make an FPS-based payment, all a customer needs to do is scan the dynamic QR code in ROSBANK’s mobile app or in the app of another participating bank and confirm the transaction. Money will be transferred from the customer’s account to the merchant in a matter of seconds upon confirmation in the app. A dynamic QR code includes the ticket amount, allowing the seller to control the transaction amount, while the customer only needs to confirm it.

"One of X5’s top priorities is to make shopping with us easy and quick while keeping the costs down. The Faster Payment System offers customers a new tool featuring instant payment, user-friendly interface and cardless transactions. We are sure that our customers will like the service, and X5 will save on electronic banking," said Svetlana Demyashkevich, Chief Financial Officer of X5 Retail Group.

"ROSBANK focuses on the comfort of our retail and corporate customers, so we are happy to partner with X5 and NSPK and deliver a cutting-edge payment platform. Projects like this reshape the Russian banking landscape, and we are confident that in the next few years, FPS-based QR code payments will become routine for Russians, just as credit cards have done," said Perizat Shaikhina, First Deputy Chairman of the Management Board at ROSBANK.

"The new C2B payment scenarios provide FPS users with a convenient form of non-cash payment, while our partner merchants can enjoy yet another attractive solution for their business. We expect FPS-based payments to take off in multiple segments, while banks and retailers will continue to develop the service for their clients, making it not only convenient, but also cost-effective," said Sergey Bochkarev, Deputy CEO of NSPK (FPS’s Operational and Payment Clearing Centre).

Following extensive tests of the new technology slated for 2020 and improvement of stores’ IT architecture, a decision will be made regarding the timeline and scale of the solution’s roll-out in X5 stores.​