Russia's Faster Payments System (SBP) processed 13.4 billion transactions worth 69.5 trillion rubles in 2024, doubling both volume and value from the previous year. The system, operated by the Bank of Russia since its launch on 28 January 2019, has become the leading channel for interbank retail transfers in Russia, accounting for 68 percent of all interbank transfer turnover in the first half of 2024.
The fourth quarter of 2024 produced the highest quarterly volumes since launch, with 4.16 billion operations settling 23.9 trillion rubles. That quarter alone represented roughly one-third of the full-year total, reflecting seasonal payment patterns and accelerating adoption. The first quarter of 2025 sustained that pace, with transaction values exceeding 22 trillion rubles.
By 1 March 2026, cumulative SBP processing had reached 45.8 billion transactions worth 239.6 trillion rubles across 226 participating banks. The 2024 daily average of approximately 37 million transactions places SBP among the largest instant payment systems globally by volume.
SBP's rapid scaling has been driven by a mandatory zero-fee policy for consumer transfers up to 100,000 rubles per month, imposed by the Bank of Russia in 2022. The system supports person-to-person transfers via mobile phone number, QR code payments at merchants, and business-to-consumer disbursements. Individual transfers are capped at 1 million rubles per transaction.
Settlement occurs in central bank money through the Bank of Russia's payment infrastructure, with each transaction processed individually around the clock. This real-time gross settlement approach contrasts with the deferred net settlement used by many instant payment schemes in other markets.
Russia is exploring expansion of SBP-compatible payment infrastructure to countries in the Global South as part of broader efforts to develop alternative cross-border payment corridors. The Moscow Metro began piloting SBP-based fare payments in 2025. Domestically, the Bank of Russia plans to integrate SBP with its digital ruble CBDC, with pilot programs underway as of early 2026.