You can see the rules and regulations in other jurisdictions.
The Federal Law on the National Payment System (NPS Law) regulates payment services in Russia along with many complementary statutes. This legislation defines each transactional activity within the country by setting out requirements according to each particular activity. Most of these transactions are carried out by credit institutions. The activities of non-bank credit institutions are restricted, for instance, to payment processing and payment clearing services.1
The Fast Payment System (FPS) and the National Payment Card System are now active and functioning since January 2019, according to the Central Bank's 2018-2020 calendar. 205 banking institutions have been recognized as enrolled in the FPS by January 2022. Private consumers can pay immediately online 24/7 through the FPS platform. They only have to access uncomplicated identifiers such as their cell phone or a QR code, no matter which bank their or the recipient's account belongs to.2
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