Payment systems changes are announced in Belarus

As explained in the payment system and digital technologies of the National Bank, now in Belarus, there is an urgent need to address the public relations arising from the implementation of payments by individuals and legal entities, in the provision of payment services, not only by the National Bank, banks and non-bank credit and financial institutions, but also other legal entities and individual entrepreneurs, whose activities are currently not regulated by the Bank.

For example, the document proposes to legislate the right to conduct certain types of payment services by other business entities other than banks, under the conditions established by law. This will allow you to make payments in favor of the third party entities such as Internet portals, virtual platforms, delivery services (couriers), as well as shops, working in places where banks or national operator of postal communication. It is to expand its branch network services (for example, small towns, villages). This will reduce the social burden on the organizations.

In addition, the law will allow to settle the order of inclusion in and graduation from the register of providers of payment services, and will also set the rules for the provision of payment services and payment requirements, including conditions of transparency rules the provision of services, the requirement to ensure the conclusiveness of settlements within the operational day, disclosure, terms imposing mandatory two-factor authentication and security guarantees for the channels, which are personal user data. The document will help to form a legal basis for the integration of national payment systems of the countries of the Eurasian Economic Union.

The draft document will provide a highly competitive national payment market, generate a favorable investment climate, including through the development of innovative technologies and providing a framework for the export of payment services If there is effective control over payments, optimizing costs and maximum availability of payment services and payment instruments, ensuring strict observance of the rights and legitimate interests of the users of payment services.

For the growth of the digital economy there is the necessity to introduce information technology into all its areas, encourage the creation of innovative technologies, cooperate for their development at the international level. Adoption of the law on payment services in the Republic of Belarus will make a significant step in this direction and will help accelerate digital transformation of the national economy and promote sustainable development according to the National Bank.