Russian fintech explores payment system for transfers in national currencies through local partner banks
Russian fintech company A7 announced plans to expand cross-border payment options for businesses trading between India and Russia, citing growth in payments through its network.
According to company data, the volume of payments it processed to India from January to August 2026 was 60% higher than the total it processed to India during the entire 2025 calendar year.
A7 announced the India plant at Unchained Summit India in Mumbai on 5th and 6th November 2026, where delegation presented an invoice service that lets buyers pay in digital currency while overseas suppliers receive funds by bank transfer.
Launched in October 2026, the A7 International service allows businesses and individuals to pay overseas invoices in USDT, a stablecoin pegged to the US dollar. Suppliers can receive the funds in US dollars, euros, Chinese yuan or UAE dirhams directly into their bank accounts without opening a cryptocurrency wallet, the company said.
A7 is also exploring a separate payment system that would allow individuals in India and Russia to make transfers in national currencies through local partner banks. According to A7, PSB Bank Chairman Petr Fradkov presented a proposal to Prime Minister Narendra Modi at the INNOPROM India exhibition in New Delhi in September.
Indian students and workers in Russia would be the first to test the proposed system, the company said. It would support tuition, accommodation and medical payments, as well as salaries, scholarships and personal transfers.
National currencies already account for a substantial share of trade payments between the two countries. During his December 2025 visit to India, Russian President Vladimir Putin said national currencies accounted for 96% of commercial payments between India and Russia.
A7 is a Russian fintech company established in 2024 with the participation of state-owned PSB Bank. It develops infrastructure for international payments and describes itself as Russia’s largest payment agent. According to company figures, A7 processed more than US$110 billion in payments in 2025 and accounted for approximately 19% of Russian businesses’ foreign trade settlements. The company says its network covers more than 100 countries and serves approximately 15,000 corporate clients. Fiinews.com
