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Oleg Tinkov: The new service from the Central Bank will lead to losses in the banking sector

The Central Bank stated that by the end of the year there will be translations on QR codes. The creator of the bank Tinkoff, Oleg Tinkov expressed his concerns about this.

Service plan to start by the end of the second half of 2019. In theory, this service should be useful for companies that use the Fast Payment System. You can pay for your purchases in the store using a QR code. The buyer will have to enter only the amount he wants to pay.

At the moment, there is the possibility of transferring funds by phone number. Oleg Tinkov considers this service a demonopolization of services.

Tinkov’s fear is that the service will become an intermediary between individuals and legal entities, retailers will benefit, and small and medium-sized banks, whose income largely consists of card transactions, will suffer heavy losses.

Oleg added that large banks like Sberbank will not be affected, but it is not known what will happen with small and medium-sized banks.

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