Bank of Russia empowered to cap acquiring fees - Information portal

Bank of Russia empowered to cap acquiring fees

29 Июля 2019, 16:12
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Bank of Russia empowered to cap acquiring fees

эквайринг.jpegThe State Duma adopted in the third and final reading amendments to the law “On the National Payment System”, which change the rules for foreign payment systems and electronic wallets operating in Russia. 

The amendments will ban foreign payment systems from unilateral suspension of servicing cards issued by Russian banks. 

Under the new procedure foreign market participants operating in Russia will have to ensure compliance of their rules with Russian laws. 

The infrastructure of card transaction processing entities must ensure continuity of processing of such transactions and shut out discrimination against Russian credit organizations, stressed Anatoly Aksakov, Head of the State Duma Committee on Financial Market

Currently, the Bank of Russia’s register of payment system operators includes subsidiaries of Visa, Mastercard, China Union Pay, JCB and other systems. 

If an international payment system, beginning 180 days after the law effective date, decides to suspend settling transactions for a Russian bank, such actions will be deemed a violation of the law. 

The Bank of Russia will issue an order to rectify the violation, and if the company refuses to fulfill the requirement of the mega-regulator, its Russian subsidiary will be excluded from the Bank of Russia’s register of payment system operators. 

The adoption of the law will also empower the Bank of Russia to cap card acceptance fees charged by the banks to retailers and service providers. 

The remit of the Bank of Russia will be extended to include setting a ceiling on fees for card-to-card transfers. 

The law also enjoins foreign e-wallets (AliPay, WeChat, MoneyGram, etc.) to establish representative offices in the country, have their operating rules approved by the Bank of Russia, and to find a partner bank or set up a non-bank credit institution of their own. Otherwise, such services may not work with Russian customers. These rules have been already applied by PayPal, with WebMoney to follow from August 1.

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