- MTS, Rostelecom, and MegaFon in Russia are getting ready to take digital currency payments starting on September 1.
- The action is a significant step in the implementation of Russia’s central bank digital currency (CBDC).
- MTS will accept digital ruble payments via its online store, My MTS app, and MTS Pay. Under certain circumstances, big Russian companies with yearly sales of more than 120 million rubles will have to accept digital rubles.
Russia’s major telecom operators are preparing to add digital ruble payments from September 1, marking another step in the country’s wider central bank digital currency rollout.
MTS, one of Russia’s largest telecommunications companies, along with Rostelecom and MegaFon, is preparing to accept the digital ruble as a payment option as Russia moves into the first mandatory stage of its CBDC expansion.
According to a Vedomosti report, the telecom companies are among major Russian businesses preparing to support digital ruble transactions. The move follows rules requiring eligible large businesses to offer the central bank digital currency to customers.
MTS To Enable Digital Ruble Payments
MTS plans to make digital ruble payments available across services connected to its MTS Pay payment module. The company does not plan to restrict the option to specific products or services.
Customers will be able to pay using the digital ruble through the My MTS app and MTS’s online store. The process is expected to resemble payments through Russia’s Faster Payments System, with customers selecting a participating bank and approving the transaction through its banking interface.
Rostelecom Starts With One-time Payments
Rostelecom is completing its digital ruble integration with a major Russian bank. The company has not publicly identified the bank involved.
Initially, customers will be able to make one-time digital ruble payments through Rostelecom’s website. Recurring payments and automatic account top-ups are expected later, once the Bank of Russia’s digital ruble platform supports those functions.
MegaFon is preparing to launch ruble payments. Under the Beeline moniker, VimpelCom has not revealed its intentions. Two marketplaces, Wildberries and Ozon, are also getting ready to assist the CBDC.
Digital Ruble Rollout Expands
Under Bank of Russia rules, merchants with annual revenue above 120 million rubles must offer digital ruble payments from September 1, subject to applicable requirements.
The digital ruble is issued by the Bank of Russia and operates on its central bank platform. Commercial banks provide customers with access through their banking applications. Like traditional cash and bank deposits, one digital ruble is equal to one Russian ruble.
The rollout is also expected to expand digital ruble functionality across 12 systemically important Russian banks, including Sber, T-Bank, VTB and Alfa-Bank.
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