The Faster Payments System (known as Sistema Bystrykh Platezhey, or SBP in Russia) is arguably the most popular method of small money transfers between individuals in Russia. It is convenient, quick, cheap (free within a certain amount for most banks) and accessible to almost anyone with a bank account. It will allow Bisq to tap into the growing Russian market.
Region
Russia
Currencies
RUB
Chargeback risk
There is no chargeback procedure for transfers between individuals. Recipient's consent is necessary to return the funds.
Size of user base
Customers of 200+ Russian banks have access to SBP including all the largest retails banks. So the user base can be estimated as tens of millions.
Data requirements
Phone number and bank name.
Verification
Payments usually arrive immediately and the recipient can see them right away. The first name and the initial of the last name of the sender is displayed (e.g. Ivan P.).
Duration
Normally less than a minute.
Fees
Fees depend on the sender's bank, but in most popular banks they are free up to a certain amount.
Fraud risk
As long as the recipient has access to their online bank, they will see the transfer immediately, so falsifying it is almost impossible. Undoing the transfer is also not an option.
Payment amounts
The limits are set by the sender's bank. The system's maximum allowed amount is 600,000 RUB per payment; minimum is not defined.
Payment description
Text notes can be added to payments. Payments are monitored by banks, so it is better to avoid mentioning cryptocurrencies etc. to prevent blocking of accounts.
Why
The Faster Payments System (known as Sistema Bystrykh Platezhey, or SBP in Russia) is arguably the most popular method of small money transfers between individuals in Russia. It is convenient, quick, cheap (free within a certain amount for most banks) and accessible to almost anyone with a bank account. It will allow Bisq to tap into the growing Russian market.
Region
Russia
Currencies
RUB
Chargeback risk
There is no chargeback procedure for transfers between individuals. Recipient's consent is necessary to return the funds.
Size of user base
Customers of 200+ Russian banks have access to SBP including all the largest retails banks. So the user base can be estimated as tens of millions.
Data requirements
Phone number and bank name.
Verification
Payments usually arrive immediately and the recipient can see them right away. The first name and the initial of the last name of the sender is displayed (e.g. Ivan P.).
Duration
Normally less than a minute.
Fees
Fees depend on the sender's bank, but in most popular banks they are free up to a certain amount.
Fraud risk
As long as the recipient has access to their online bank, they will see the transfer immediately, so falsifying it is almost impossible. Undoing the transfer is also not an option.
Payment amounts
The limits are set by the sender's bank. The system's maximum allowed amount is 600,000 RUB per payment; minimum is not defined.
Payment description
Text notes can be added to payments. Payments are monitored by banks, so it is better to avoid mentioning cryptocurrencies etc. to prevent blocking of accounts.