VTB has launched a new mobile app, "VTB Business QR" for all medium and small-sized business customers. It will allow businesses to accept payments using a QR code through the Bank of Russia’s fast payment system with a low commission, and without using cards and terminals.
To accept payments using a QR code, businesses need to have a current account with VTB Bank and install the VTB Business QR app on their smartphone, no additional equipment is required. Payments can be accepted instantly – immediately after registering in the app, and users will also see the status of online transactions.
For sole proprietors who are self-employed, the service allows businesses to generate and send a receipt to the buyer, keep records of income from non-cash and cash transactions, and create receipts for paying taxes.
To generate a QR code in the app, users must enter the amount and purpose of the payment. Businesses can also specify several items in the receipt. The buyer reads the code and makes the payment in their bank’s mobile app. The payment status is immediately displayed in VTB Business QR, and the payment is credited to the bank account within 15 seconds.
The app is free, with the commission charged only for carrying out operations, the commission is fixed at 0.4% or 0.7%, depending on the type of activity.
According to the results of the pilot, customers from 34 Russian cities have already registered in the VTB Business QR app. The top three regions by number of users included Saint Petersburg (20%), Moscow (13%) and Novosibirsk (11%). Most often, the app is used by restaurants and cafes, those in retail, auto repair shops, as well as hairdressers and beauty salons. The maximum transaction amount was 200,000 rubles (US$2618), and the average receipt was 3,000 rubles (US$39).
"We are actively developing an ecosystem of modern digital services for medium and small-sized businesses and are launching another method that will increase the ways our clients can process payments. The new system will not only help customers use the already popular acquiring service, but also a new mobile service for economical and instant payments. With the help of VTB Business QR, customers can easily accept payments from individuals and do so where it is convenient for them, as they only need a smartphone for it, " said Spartak Solonin, Head of the Corporate Digital Business Department and Senior Vice President of VTB.