MPs has developed a new amendment.
In the state Duma began to consider a bill that tightens control over the applications that use the mobile payment system, Apple Pay, Android Pay, and Samsung Pay Pay Mir in Russia. Under the bill, banks that work with foreign payment systems will have to notify the Bank about the beginning of the use of these services. During the inspection, the Central Bank will ascertain whether safe use of the application and only after that allow it to run.
The new bill provides for the adjustment of the application, allowing to pay for purchases using Apple Pay, Android Pay, and Samsung Pay Pay Mir. The bill will oblige banks to inform the Central Bank about the use of such services. Working with them will be possible only under the condition that the services are safe and will not be able to access codes, passwords and other data that can allow to manage money.
The bill specifies that the purpose of the amendment is to increase the safety of citizens and the simplification of payment systems for banks. However, observers believe that the amendment may lead to increased costs of both banks and their partners.
In addition, the state Duma has started to consider another amendment to the law “About national payment system”. The second bill bans foreign money transfer systems to work with the Russians without opening an official representative office in Russia. Note that Apple and its payment service Apple Pay, this amendment is not threatened, although some media outlets falsely stated to the contrary.
The second amendment will affect the payment system of MoneyGram and Chinese AliPay and WeChat Pay. Russia’s relatively popular, only the MoneyGram system often use it to send cross-border transfers.