UrBC, Yekaterinburg, March 5, 2020. ‘QR-ing’, or the QR code payment, is here to replace the card terminal, Development Director at DeloBank (SKB-Bank’s project targeted at businesses) Irina Kuzmina says.

According to Kuzmina, ‘QR-ing’ will be five times less costly than the conventional acquiring payment method.

‘First of all, paying through a QR code makes a customer’s life easier and a seller’s life more comfortable. Businesspeople have frequently complained that acquiring is too costly, which is exactly why we focused on the launch of this innovative payment method that requires no additional equipment and ensures instantaneous online payments,’ DeloBank’s press service quotes Kuzmina as saying.

As things stand now, sellers signing up for a bank’s acquiring services must pay for the payment terminal, the software, and the certification. The bank’s commission comes to 2.3% of the transaction amount on average. Thanks to ‘QR-ing’, small shops without a terminal can have it easier: they can simply generate a QR code and display it at the store. Customers will be able to scan the code using any mobile app that supports the Faster Payments System and pay online. The FPS-processed QR code payments will only cost the seller 0.4% to 0.7% of the transaction amount on average.