Keys to the Evolution of the Financial System: Biometrics, the Digital Ruble, QR Codes, and AI
Fintech development in Russia has long moved beyond import substitution and toward a new digital reality. Starting this September, two elements will become core components of that ecosystem: the digital ruble and a special payment code developed by the National Payment Card System. The former will apply to a limited group of companies, while the latter will be required for all banks without exception.
From Pilots to Scaled Infrastructure
Last year marked a turning point in the digital transformation of Russia’s financial sector. Banks moved decisively from pilot projects to large-scale deployment of domestic solutions. Industry leaders including Sber, VTB, PSB, Alfa-Bank, and T-Bank are actively expanding AI-powered services, biometric identification, and API-driven ecosystems.
According to expert estimates, during the first three quarters of the year between five and six million people in Russia made biometric offline payments every month. Tens of thousands of retail locations are already connected. At checkout, customers do not need to take out a card. A glance at the camera is enough. Smiling is optional, and the payment still goes through.
Within banking apps, biometrics, AI assistants, and advanced analytics have become standard. These tools not only improve convenience for citizens but also reduce fraud risks, speed up transaction processing, enable more personalized customer service, and help optimize internal operations. Importantly, these innovations are built on Russian software and domestic cloud platforms, minimizing dependence on foreign vendors.
A Universal Code as the Entry Point
Starting on September 1, 2026, payments for consumers and businesses are set to become faster and more convenient. Banks and merchants will begin using a universal payment QR code, which goes well beyond a simple “three-in-one” solution.
By scanning the code, users are taken to a payment page where they can choose their preferred method, including the Faster Payments System, bank cards, or other banking services. In the future, the digital ruble will also be available as an option.
For businesses, the benefits are equally clear. Unified access to the payment infrastructure reduces operational risks and costs. The National Payment Card System provides the QR infrastructure free of charge, lowering barriers to entry and encouraging widespread adoption.
The Digital Ruble
From September 1, 2026, the country’s largest banks and retail companies with annual revenue exceeding 120 million rubles (about $1.4 million) will be required to offer customers the option to pay with the digital ruble. Other banks and merchants will join in stages. By September 2028, the third form of the national currency is expected to circulate freely across Russia and be accepted everywhere without restrictions.
Testing of the digital ruble began in 2023. In 2025, President Vladimir Putin signed a decree formally introducing it into the financial system, followed by the first settlements at the federal budget level. Later that autumn, the first subsidies were paid out in digital rubles as part of an experiment. The head of the State Duma’s financial markets committee, Anatoly Aksakov, became the first person in the country to receive a salary in digital currency. He was able to pay a café bill and transfer part of the funds to a charitable foundation without difficulty.
From the Domestic Market to Technology Exports
The results of digitalization in Russia’s financial sector are already extending beyond national borders. Russian IT products, such as Sber’s business analytics and data visualization platform Navigator BI, are gaining traction in the CIS, Africa, and Latin America. Exporting fintech solutions is emerging as a new channel of technological influence.
At home, the digital payment infrastructure is driving growth in related sectors, including retail, public services, logistics, and IT. Together, these changes are building a unified and independent payment infrastructure that is free from foreign influence and designed to be convenient for all participants.
