Belarus' National Bank announces law on payment services in 2018

Belarus' National Bank announces law on payment services in 2018

Law on Payment Services may be adopted in Belarus as early as 2018, said Deputy Chairman of the Board of the National Bank Sergei Kalechits.

According to him, regulation of payments for non-banking organizations' services is very urgent for Belarus.

In view of this, the National Bank is working on the development of the law "On Payment Services in the Republic of Belarus".

"It is planned that the law will be adopted already this year," said Sergei Kalechits.

The new law is designed to guarantee the competitiveness of the payment market in Belarus, as well as to create conditions for a favorable investment climate.

According to Kalechits, in 2017 the National Bank promoted the development of the inter-bank identification system, which allows identifying customers without personal presence. Now it is planned to expand the number of participants in the system. It may include the Belarusian Currency and Stock Exchange, Belpochta [Belarusian Post Service], forex companies and others.

At the moment, almost five million citizens can register in the system of interbank identification and get access to the services of 13 banks. Thanks to this, customers can open accounts, issue payment cards, receive loans and other services.