The Board of Directors of the Central Bank of Russia approved tariffs for banks for transfers in the system of fast payments. The system will start functioning on January 1, 2019, the Bank of Russia website reports.

All transfers will be made free of charge until 2019, and from 2020 they will be introduced a tariff from 1 to 6 rubles. Tariff will depend on the amount of transfer.

The Central Bank will be the operator and settlement bank of the system, the National Payment Card System is the operational payment and clearing center.

“We count on the fact, that, thanks to the system, commission for the population for money transfers will significantly decrease,” said the first deputy chairman of the Central Bank, Olga Skorobogatova.

The system of fast payments will allow citizens at any time of the day to make instant payments using simple identifiers, for example, by phone number.

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