MultiQR (single QR code technology)

Chronicle

2024: Sberbank, Alfa-Bank and T-Bank signed an agreement on the development of a single payment QR code

At the end of September 2024, Sberbank, Alfa-Bank and T-Bank signed a memorandum on the creation of a consortium for the development of new payment solutions, primarily a single QR code. The agreement was signed by the President of Sberbank of Russia German Gref, the head of Alfa-Bank JSC Vladimir Verkhoshinsky and the Chairman of the Board of T-Bank JSC Stanislav Bliznyuk.

According to the press service of Alfa-Bank, the main goal of the initiative is to use the accumulated experience to develop payment innovations and maintain competition in the market. As a result of the joint activities of banks, it is planned to create high-tech payment tools that will provide high-quality customer experience and strengthen Russia's position in the global fintech industry.

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A single QR code will be the first solution proposed to the market. It will provide consumers with a unified payment method, while preserving the choice between different additional scenarios and the usual benefits of banking loyalty programs. For banks, connecting to a single QR code will provide equal access to the payment infrastructure and preserve existing business models for making a profit.

The consortium does not aim to profit from joint activities. All funds received will be used to cover operating costs and investments in the further development of payment technologies.

The development of a single QR code will be based on MultiQR technology, which is already used by 18 Russian banks with a total issue of more than 88% of the market. Sberbank will transfer to the consortium all the necessary rights and technologies for the independent management and development of MultiQR.

Banks will be able to participate in the consortium in two statuses: as a participant and as a founder-investor. The maximum number of founders is limited to 12 organizations. The decision of strategic issues will be made collectively: Sberbank will receive 45% of the vote, the remaining founders - 55% (5% each).

The next steps of the consortium will be the creation of a separate legal entity, the formation of a management team and the launch of a technological platform at its own facilities and resources.^[1]

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