Compass Plus drives faster payments in Russia

Hundreds of thousands of Russian consumers will be able to send transfers instantly to each other by phone number to pay for goods using just their mobile, after Compass Plus announced its support of the Faster Payments System (FPS), operated by the National Payment Card System (NSPK) in Russia.

Compass Plus customers in Russia will now have the ability to join the FPS to benefit from increased customer loyalty, while their end-customers will benefit from a number of value-added services. FPS member bank customers will not only be able to make and accept instant Person-to-person (P2P) transfers to and from their accounts using just a mobile phone 24/7, but to make purchases at participating merchants by scanning dynamic QR codes for payments release directly from their account.

“We have reached a golden window of opportunity in banking and opened the door to a faster, more effective way to operate,” said Alexey Osipov, Executive VP at Compass Plus. “As the desire for banks and FIs in Russia to join the FPS intensifies, our focus is to equip our customers with the right tools they need to not only join the system but to truly feel the benefits it can bring.”

Since instant P2P transfers were launched in Russia using the FPS, numerous banks have joined the system as a means of offering a more cost-effective way to enable payments using new and emerging mobile technologies and other remote banking channels.

“The ability for ‘pay to contact’ transfers to be completed at the touch of a button has the power to transform the nature of payments, and the adaptive nature of our solutions align us effectively to be able to help others incorporate this key element into their infrastructures,” added Osipov.