Salaries to Russians will be paid by phone number

Modern digital technology provides everythingmore opportunities to use personal financial resources. The introduction of the Fast Payment System in Russia will allow citizens by the end of 2020 to register receiving earned money by phone number, without reference to a specific account or bank.

The introduction of such a service will allow Russians to exitdepending on one particular bank, destroy "bank slavery." The Bank of Russia, the country's central bank, is actively discussing the creation of such a system with all banking institutions.

As a result of the study proposed by the Bank of Russiaschemes, in the first quarter of 2020, a framework agreement will be signed and the stages of the system implementation will be determined. The payout function using a phone number can be implemented by the end of the year.

According to the statement of the representative of the central bankWhen creating a platform, the task will be to take into account all risks associated with the security of customer funds. In particular, the risks associated with the loss of the phone or forced change of the number were indicated.

The principle of the new function is quite simple. A list of telephone numbers of employees is sent to the bank of the enterprise. Then, using the Quick Payment System, wages are transferred to the bank indicated by the owner of the phone number.

Source: RBC