Russia Will Change The Rules For The Use Of Foreign Electronic Wallets

The state duma reform the federal law «about the national payment system». The aimed for consideration of draft laws is the regulation of the payment market of the country.

Content: 1. First bill2. Second bill

It is planned that the improved law will minimize the risks associated with money laundering.

Indition, innovations will allo cash transaction in a timely manner, to tighten control over foreign payment systems, as well as streamline work with applications that allow you to pay through systems such as applepay and androidpay.

First bill

In the first bill introduced a new term – «payment applicator». He explains the rules for regulating activities, with which citizens can pay for bank cards.

Thus, the use of systems such as applepay, androidpay, samsungpay must be controlled by a central bank: financial and credit organizations undertake to report the central bank on the start and termination of the use of these systems. Also, banks are also prohibited to transfer payments applications with confidential customer information – passwords, access codes, as well as electronic signatures. Last: financial institutions undertake to monitor the execution of information security requirements.

The draft law also provides innovations for payment aggregators, such as «yandex.Cards» and walletone. According to the new rules, the undertake to receive the status of payment banking agents.

Second bill

In the second bill spelled the concept «foreign payment service provider» (referred to foreign companies who have the right to make money transfers). According to the initiative, such services will be denied the right to provide services to the russians. For its part, banks of the russian federation from a foreign provider of payment services in order to prevent fraud with money laundering.

However, the changes will not have a strong influence on russians, since the most common paypal system has a licensed subsidiary and will not be applied to the law.

The most common payment systems in the world are mastercard, visa and american express. They will also not affect changes, since in russia they have operators.

The bills were developed for more than a year, and their main goal is to ensure the safety of citizens’ money and increased control to prevent illegal activities.

Recall: earlier, russian legislators announced plans to eliminate self-regulatory organizations that represent the interests of licensed bookmakers.