Payment agents to be regulated by Bank of Russia
On 21 June 2023, the State Duma adopted the law establishing the framework for their admission to the market and supervision over the services they provide.
‘People use payment agents’ terminals to carry out cash-in transactions and pay for utilities, mobile communication, education, and so on. Such companies operate in socially important market segments and in remote regions with a small number of bank offices. Therefore, it is critical for us to increase the transparency of their operations as much as possible: people should be aware what organisations are allowed to accept such payments and on what conditions. The new law will help achieve this objective,’ said Alla Bakina, Director of the Bank of Russia’s National Payment System Department.
To be admitted to the market, payment agents shall be on the special register of the Bank of Russia. They will operate pursuant to the standards to be prepared by self-regulatory organisations in compliance with the Bank of Russia’s requirements.
The law is expected to become effective on 1 October 2023. For companies to adjust to the new terms of their work, they will have a one-year transition period until 1 October 2024.
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