VTB Launches QR Payment System In Turkiye, Bypasses SWIFT

Russia’s VTB bank has launched a QR code payment system for purchases in Turkiye, with the system coming operational from March 12. About 7 million Russians visit Turkiye every year, either on holiday or in transit elsewhere. Western sanctions have restricted the use of Russian Mir cards in Turkey – The US Treasury Department’s Office of Foreign Assets Control (OFAC) has announced that it is ready to impose sanctions against those who facilitate the increased use of the Russian Mir payment system outside of Russia.

This alternative system bypasses those sanctions as buyers may pay for purchases at points of sale throughout the country by pointing the smart phone camera at the QR code on the receipt or terminal via VTB Online. Payments are remitted in rubles with subsequent conversion to Turkish lira. There is no commission for rendering a payment, while the permitted transactional range is from ₽10 to ₽350,000 (US$1 cent to US$4,500).

The technology bypasses SWIFT by using unsanctionable national digital communications systems, while the technology and service is already operating and has been fully tested in other countries.

VTB plans to continue expanding payment solutions for its users in other countries this year, while Sberbank said on Wednesday (March 12) said that it was testing payment for purchases using a QR code in Turkiye through its SberBank Online mobile app. Their full launch of the service for all clients is scheduled for the end of March.