Gone are the days when money transfer was done using the old, traditional methods. Today, with technology evolving every minute, and with financial institutions implementing innovative technologies, transfers and payments have taken a new route.
To keep up with these changes, Russia has introduced a new money transfer system. Launched under its express payment system, people will be able to make transfers to their accounts from their mobile, without having to enter their bank account number. When making a transfer, the new system will use the user’s phone number to complete the transaction.
This service will be available to almost all large bank customers in the country. The project is initiated and coordinated by Russian FinTech Association and has several large banks on board.
Learn details related to the new transfer system in the article titled ‘Russia is launching money transfers to mobile number‘