VTB first Russian bank to introduce technology to withdraw digital rubles from ATMs
MOSCOW. Nov 8 (Interfax) - VTB is the first Russian bank to develop the technology for withdrawing digital rubles from ATMs, and has presented it at the Finopolis 2023 forum of innovative financial technologies, the bank's press service said in a statement.
An individual needs to scan the ATM QR code in order to withdraw cash from a digital ruble account, after which VTB Online will open on the smartphone. As a source of debiting funds, an individual must select a digital ruble account, from where the required amount will first be transferred to a non-cash account, and will then be available for withdrawal from a bank account via an ATM. Transfers from digital rubles to a non-cash account will be instant and seamless for customers.
"Launching technology to withdraw digital rubles from ATMs is a big step in the direction [to introducing digital rubles], which should render the process of operating with them clearer, more convenient and simpler. It will soon be possible as part of the VTB Online pilot project to conduct familiar transactions with digital currency without visiting an office," the press service quoted VTB Deputy President and Executive Board Chairman Georgy Gorshkov as saying in the statement.
The functionality is already available to bank clients participating in the digital ruble pilot project. A participant may withdraw funds from any of the bank's 14,000 ATMs throughout Russia, VTB notes.
The digital ruble is the third form of Russian national currency that the Central Bank of Russia (CBR) is planning to issue in addition to the existing forms of cash and non-cash funds. The CBR has been conducting a pilot project with real digital rubles since August 15, 2023. The first stage of testing is taking place in the Friends and Family mode with around 600 participating individuals from among employees of 13 banks. They are testing the opening and closing of digital wallets and their crediting and transferring between individuals, automatic payments and transfers, as well as payment for goods and services in digital rubles using a QR code and its return.
Implementing the digital ruble into widespread circulation is expected to begin gradually from 2025. Payments and transfers of digital rubles will be free for citizens. Meanwhile, the volume of crediting a digital ruble wallet from funds in bank accounts is limited to 300,000 rubles per month. The tariff for businesses for accepting payment for goods and services in digital rubles will be 0.3% of the payment amount, though not more than 1,500 rubles, the CBR said.