VTB launches new Business QR app for SMB customers

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Russia’s VTB recently launched a new mobile app, “VTB Business QR” for its medium and SMB customers. The new development is expected to enable businesses to accept payments using a QR code via the Bank of Russia’s fast payment system with a low commission, and without using cards and terminals.

Businesses will be required to have a current account with VTB Bank and install the VTB Business QR app on their smartphone for accepting payments using a QR code. The new method of payment will give way for instant acceptance and allow users to view the status of their online transactions.

“We are actively developing an ecosystem of modern digital services for medium and small-sized businesses and are launching another method that will increase the ways our clients can process payments. The new system will not only help customers use the already popular acquiring service, but also a new mobile service for economical and instant payments. With the help of VTB Business QR, customers can easily accept payments from individuals and do so where it is convenient for them, as they only need a smartphone for it, ” said Spartak Solonin, Head of the Corporate Digital Business Department and Senior Vice President of VTB.

VTB’s service allows businesses to generate and send a receipt to the buyer, keep records of income from non-cash and cash transactions, and create receipts for paying taxes. The app is free, with the commission charged only for carrying out operations, the commission is fixed at 0.4% or 0.7%, depending on the type of activity.

Recently, VTB stated that its users will now be able to transfer money to more than 100 countries on Visa, Mastercard and UnionPay cards. Customers can make online transfers to Visa cards in 64 countries, including the European Union, the CIS and Southeast Asia.