The government allocated 800 million rubles to compensate small businesses for using the SBP

The Cabinet of Ministers will allocate an additional 800 million rubles. for reimbursement of commissions to small and medium-sized businesses for using the fast payment system (FPS) of the Bank of Russia. President Vladimir Putin instructed the government to allocate additional funds to subsidize transactions.

“On behalf of the president, we will allocate an additional 800 million rubles to reimburse small and medium-sized businesses for using the fast payment system. Operations will still remain virtually free for cafes, small shops, manufacturing companies and their customers,” Prime Minister Mikhail Mishustin explained during today’s government meeting (quoted by TASS).

In May, the Cabinet extended business compensation program for commissions for the use of SBP until the end of 2022. In early March, half a billion rubles were allocated for its implementation. How informed in August, the Central Bank, for six months of 2022, more than 1 billion transactions were made through the fast payment system (FPS), their volume exceeded 5 trillion rubles. This is more than all of last year.

As the Central Bank clarified, in the second quarter of 2022, the volume of transactions through the FPS amounted to 3 trillion rubles. This is three times more than in the same period in 2021. The Ministry of Economic Development also noted the growing popularity of the SBP among entrepreneurs: during the period of the compensation program, the number of participants in the SBP users, representatives of medium and small businesses, has increased five times, to 362 thousand.

Andrey Sapozhnikov