"M of Video Eldorado" and VTB begin to accept payment by QR codes within the system of fast payments

2019: Acceptance of payment by QR codes within SBP

On August 19, 2019 the M of Video Eldorado Group reported that together with VTB bank began system testing of fast payments (SBP). Since September clients of the banks connected to service will be able to make purchase by the QR code in pilot shops. Emergence and development of payment instruments will allow to increase quality of financial services and attractiveness of non-cash payments for buyers.

The M of Video Eldorado group and VTB bank finished the software of cash desks and payment terminals. At a purchase design the cashier enters an amount due on the cash register, the bank transfers these data to the National Payment Card System (NPCS) which, in turn, generates the unique QR code. The client through mobile application of the bank connected to the SBP system scans this code on the acquiring terminal and confirms payment then money instantly arrives into the account of retailer.

The pilot will pass in one shop "M.Video" and one Eldorado in Moscow. After the termination of the pilot partners are going to scale the system of fast payments on all shops "M.Video" and Eldorado. On group appraisals, the share of fast payments in turnover of the company can reach 4% after the first year after deployment.

Mobile technologies get into the financial sphere more and more. Already more than a half of our clients pay goods with non-cash payment, and almost every third does it without use of the plastic card. Distribution of modern payment instruments, including fast payments, will positively affect all the market. Buyers will be able to select the solution, convenient for them, and retailers – to reduce costs at the expense of lower wage rate in comparison with classical acquiring and to offer to clients advantageous conditions and additional bonuses. After end of the pilot and scaling of the project we will offer buyers the system of motivation on use of SPB within the loyalty program, noted Sokolova Ekaterina, the chief financial officer of the M of Video Eldorado Group

For many years we cooperate with the M of Video Eldorado Group and implemented several joint projects in transaction business. Introduction of this innovation product will help one of the leading retail companies of Russia to achieve successfully an effective objective – to reduce the price of the commission when calculating. For VTB implementation of this project - also important milestone. Now we will be able to propose the similar solution also to other companies interested in decrease in the acquiring commission noted Alexander Botsiyev, the head of department of sales of settlement and passive products of department of transaction business, the senior vice president of VTB