A universal QR code for in-store purchases will appear across major Russian retail chains from September 1 under a new federal banking law, financial advisor Maria Ermilova told state news agency RIA Novosti.
Ermilova, an associate professor in the Department of Sustainable Development Finance at Plekhanov Russian University of Economics, said the legislation requires all banks operating in Russia to launch the universal QR code payment system.
Plekhanov Russian University of Economics is a public research university based in Moscow that specializes in economics, finance, and commerce. RIA Novosti is a major state-owned news agency in Russia.
Phased implementation timeline
Ermilova stated that mandatory participation for individual retail outlets will be phased in across three stages over the next two years.
Large retail networks with annual revenue exceeding 120 million rubles must display the universal QR codes starting September 1, 2026. Businesses with annual revenue over 30 million rubles must comply one year later, while all remaining companies and major individual entrepreneurs will fall under the rule from September 2028.
Ermilova explained that the universal QR code is not a new standalone mechanism for debiting funds, but rather a single checkout window that allows shoppers to select between various payment methods.
QR code payment technology enables shoppers to scan a matrix barcode using a mobile smartphone application to authorize instant electronic money transfers at retail checkouts.
Payment options and digital ruble integration
She noted that the initiative will simplify transactions for both shoppers and merchants by eliminating confusion caused by multiple competing QR codes at checkout counters.
The unified code will provide access to Russia's Faster Payments System, individual commercial bank services, and installment payment options. The Faster Payments System is a nationwide instant transfer service operated by the central bank that allows individuals and businesses to send money directly between accounts.
In the future, the central bank's digital ruble will also be included among the supported payment choices. Elvira Nabiullina, head of the Central Bank of Russia, previously pledged that citizens would not be forced to use the digital ruble, emphasizing that the digital currency will be introduced into the national economy gradually.
The digital ruble is a central bank digital currency issued by Russia's financial authorities as a third form of money alongside cash and electronic bank deposits. The Central Bank of Russia serves as the country's central monetary authority, regulating the banking system and national financial infrastructure.
