E-payment market regulation bill becomes law
MOSCOW, July 3 (RAPSI) – President of Russia Vladimir Putin has enacted a bill laying down the rules of banks’ interoperating with payments app provider organizations such as ApplePay, SamsungPay and MirPay into law.
The document was published on the official website of legal information on Wednesday.
The law sets such concepts as payments application, payments app provider and settlement aggregator.
Moreover, the law determines the cooperation rules for banks and organizations providing payments applications for wire transfer, including fulfilling the Central Bank’s data security requirements.
However, money transfer operators would not have the right to lay information on the equivalents of handwritten signatures, codes, passwords and other details used for proving the clients’ right to manage cash funds before the app providers.