In the state Duma introduced two draft amendments to the law “About national payment system”. Tighten both the work of foreign payment systems in Russia.
The first bill actually prohibits foreign operators to carry out electronic payments of Russians without the operator of the payment system, registered in the securities register. In addition, it requires to notify the regulator about the beginning of work as the operator of e-wallets. In the explanatory note indicates that we are talking about changing schemes of work in Russia and Alipay, WeChat.
In addition, the bill planned to introduce restrictions on work in Russia international payment systems. To continue would have to open legal entity in the Russian Federation, to amend its rules in accordance with Russian legislation and to enter into the registry of the Central Bank. As follows from the explanatory note, we are talking about MoneyGram, Intel Express.
The second draft of amendments aimed at regulating the use by banks of mobile payment applications.
Now banks are not obliged to notify the Central Bank to start using Apple Pay, Samsung Pay, MirPay. The project also introduces the obligation and prohibition for banks to give access to vendors of payment applications to analogues of handwritten signature, codes, passwords and other information used to identity the customer’s rights to dispose of monetary funds. In addition, the use of applications must be specified in the contract with the client, indicating all possible risks and limitations.
Another important point concerns a payment service, on the basis of agreements with banks that provide processing of information on transactions with payment cards, electronic wallets for retail and service businesses.
These aggregators in the country about 40 thousand, noted in the explanatory Memorandum. From now on, they will equate to the banking payment agents, whose activities will be supervised FNS and the Central Bank. Settlements with citizens are conducted through a special account. According to experts, it is important rule, as now in bankruptcy agent means citizens are not protected.
For transactions with electronic wallets, the wallets will continue its development. So, the bill would authorize the transfer of funds between the accounts of legal entities and individual entrepreneurs. The ability to make payments to foreign residents will also be maintained. As now, they will be able to pay for goods and services in Russia, existing payment instruments through banks.
Banks are given six months to inform the Central Bank about prisoners with foreign payment service providers contracts and 270 days to stop cross-border money transfers of natural persons within a foreign payment systems, information about statements which are not included in the registry of the Central Bank. Foreigners also have 180 days to bring its activities into compliance with the new requirements.
What is behind the new amendments, whether they mean that the Central Bank started the preparation of banks to be disconnected from international payment systems due to the threat of sanctions?
— The amendments made by a number of deputies, but the true author is, the Bank of Russia (CBR deprived of the right of legislative initiative), — said the head of a direction “Finance and Economics” Institute of contemporary development Nikita Maslennikov. Amendment was required, because in Russia, sharply increasing the share of Internet trade. According to statistics, in 2018, almost every second resident of the country one way or another involved in Internet shopping. A substantial portion of these transactions occur with the help of mobile applications using a Bank card tied to the phone or “smart” hours.
Outwardly it looks so: you phone dial the appropriate code and the payment is made. But the payment scheme has a number of points which are still not regulated by law. As a result, many times there is a situation in which the participants of such payments was not responsible before the customers.
Payments made using mobile applications, pass through the Visa and Mastercard systems. But these systems are only one element of the scheme. It involved more banks and payment aggregators and service companies that provide the outlets services to accept cards online. These services a huge amount.
If rough, you are using the gadget give the order to carry out the operation by credit card tied to your phone number. The aggregator receives the order and carries out the transfer of money from card to yourself. And then there is a gap, because the aggregator did only half the job. The second half — he needs to transfer money point, and just at this juncture there are often problems.
“SP”: — What do you mean?
— First and foremost, information security from hacker attacks. We have many hackers have mastered these technologies, and understand: to transfer money from the account aggregator yourself, you need to catch a good moment. Or the aggregator itself can evaporate with the money. In any case, the deadline is the card holder.
It turns out, the money is gone, the outlet will not get them, and product releases, and aggregator for it any liability not responsible. Amendment of the Central Bank are intended to remedy this situation.
“SP”: — What will be the new payment mechanism?
— The Central Bank considers that all mobile payment apps should act through the mediation of banks. The same aggregators must be registered as a Bank payment agent should have a clear agreement with the Bank, they will conduct a mediation. No aggregator such contract — sorry, no and business.
Notice the special additional stress on banks and aggregators from entering the new system is not expected. According to this scheme, are already working some of the bigger teams, and any difficulties experienced.
The amendments laid down one important rule. Today in Russia various exotic payment systems are foreign tourists, especially from Asian countries. And very often, these systems do not have Russian accreditation.
The new amendments require that any payment system that is going to work in the territory of the Russian Federation, to open a representative office in our country, and to enter into a relationship with CBR for this reason.
In this case, foreign payment systems will have to guarantee to fulfill the requirements of information security of payments that are prescribed by directives of the Bank of Russia. This is a very useful and important.
“SP”: — So, the amendments are not associated with threats of off Russia from the international payment systems in the framework of the sanctions?
— I think not. Just the market of online payments is rapidly growing, and each stage of this development there are new risks.
Now there is a problem of payment aggregators — unresponsiveness and loss of payments from their accounts. This situation requires regulation regardless disconnect us from global payment system over sanctions or not.
Roughly speaking, in our domestic payment market has rather a lot of craftsmen to snatch funds from accounts payment aggregators. And with this you need something urgent to do.
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