Translated material
Gref compared the Central Bank to NATO
Sberbank President German Gref compared the actions of the Bank of Russia to the expansion of NATO. The Central Bank has crossed the “red lines”, forcing all payments in the country to be carried out using a single universal QR code, the head of the largest Russian commercial bank said at the Sber Investor Day event.
The National Payment Card System, controlled by the Central Bank, will have to process payments using a single QR code. “The link to a payment sticker will become a monopoly in our state, a law on this topic has been introduced, this is an unprecedented thing,” said the president of Sberbank.
Gref said that Sber and a group of partner banks (Alfa Bank, T-Bank, Gazprombank and others) have their own QR code. The share of this group in Russian acquiring exceeds 80%. The state bank itself has a million terminals that allow you to pay using this QR code or Face ID, and another million will be added in a year, Gref said.
However, the Central Bank is entering the market, “toughing out the game of business,” said the head of Sberbank. According to him, “it’s very easy to do business” if “you have a monopoly infrastructure on the one hand, and regulation on the other.” Gref said that he sees the Central Bank’s behavior as a threat not to bankers, “but to the country as a whole.”
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“We are fighting against NATO’s approach to our borders? Now, the boundaries of the regulator are getting closer and closer, already going beyond all the red, green and all other buoys in terms of business,” said the president of Sberbank.
If the behavior of the Central Bank in the payments market leads to the “monopolization” of the opportunity to “pay with a smile,” then “we will stop innovation,” the head of the largest state bank promised. “We know how the state deals with innovation. This is probably the biggest threat,” Gref added.
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He criticized the current Fast Payment System, introduced by the Central Bank several years ago and allowing free money transfers by phone number. According to Gref, the system is used by participants in the e-commerce market, “using the entire infrastructure we built for free.”
The head of Sber has been criticizing the Central Bank for many years, arguing that the main financial regulator is stifling competition and innovation, The Bell writes .
Earlier, the Chairman of the Central Bank, Elvira Nabiullina, said that a single payment QR code is needed not to “catch” large players in the banking market, but to create equal conditions: “Universal QR cannot be represented as a battle between the regulator and a consortium of banks for control of the market.”
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