The Bank of Russia has reported a significant increase in the use of the Faster Payments System (SBP) in 2024. The data shows that more than 13.4 billion transactions were completed, amounting to ₽69.5 trillion, marking a doubling compared to the previous year.
Throughout 2024, there was consistent growth in the average daily number of SBP transactions. By the fourth quarter, an average of 45 million transactions were conducted daily, compared to an average of 26 million per day in the same period of the previous year.
A notable trend is that one out of every four SBP transactions was for goods and services payments. The preference for this payment method increased during the year, with five out of ten Russians opting to pay via SBP by late 2024.
As for businesses, around 2.2 million trade and service companies had started accepting payments through SBP by early 2025.
Additionally, there was a rise in both the number and value of payments received by individuals from insurance companies, brokers, and other legal entities throughout 2024. Individuals received over 200 million transfers totaling more than ₽1 trillion from these companies.
