Bank of Russia's Faster Payments System (FPS) is a fintech service that allows instant payments for goods and services without any addtional hardware. Executing payments through FPS requires only a mobile bank app installed on the user's smartphone.
When paying through FPS, a QR code is generated automatically on your online shop's payment page. When selling offline, the QR code is generated by your cash register.
The buyer launches the bank app on their phone, scans the code and confirms the sum due. The payment is instantly charged to their bank account.
After the payment, the buyer gets a confirmation of payment. The money is deducted from the buyer's account, and the seller gets payment confirmation within seconds.