VTB pushes free money transfers to Russia via QR codes

VTB Online has introduced the option of free money transfers using a personal QR code, which is available to clients of any Russian bank. 

According to VTB, the service will be ‘especially in demand’ among self-employed people associated with micro-commerce.

Nikita Chugunov, Head of the Digital Business Department, VTB Senior Vice President, commented: “The ability to transfer money using a QR code will be especially convenient for self-employed users and those involved in micro-commerce. 

“The service will allow you to share a QR code with your clients by showing it on the screen, printing it or simply sending a link in the messenger. Even non-clients of VTB will be able to send money in this way.”

Furthermore, the company is working to implement services for self-employed clients. In the VTB Online application, a personal account is available to entrepreneurs in a bid to help individuals register remotely with the Federal Tax Service under a tax regime. 

The new service allows users to send and receive funds, generate receipts, and track notifications from the Federal Tax Service, including the amount of taxes, debts and penalties accrued. 

“This will become a convenient alternative not only to cash payments, but also to purchases using POS terminals. Now you just need to take your smartphone with you, even going, for example, to a weekend fair. We will not take a commission for such a transfer and expect that only next year more than 50 thousand users will use it,” added Chugunov.

Previously, VTB Online has introduced the option to withdraw cash from an account or digital card with a QR code at ATMs. This enabled clients to complete transactions with only a smartphone.

Moreso, the bank has launched 30 new online services, including updating passport data through the State Services portal, money transfers via Bluetooth and AirDrop, as well as services from partners and in 2022, shared that it looks to increase its number of active users to 15 million people.