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Payment Systems
This Guide links business models frequently encountered in the payments field to the payment services listed in Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, and aims at uniformity in practice.
Laws & Regulations
This communiqué regulates how payment and electronic money institutions manage their information systems, how authorized independent auditors audit them, and the data sharing services of payment service providers.
Payment Systems
Current information: this post describes the limit at the time of publication. The BRSA raised the contactless card transaction limit to 750 TL, effective 1 July. Above the limit, contactless payments need a PIN. The post also traces the limit's history.
Payment Systems
The communiqué on the information systems of payment and electronic money institutions and the data sharing services of payment service providers was published in Official Gazette No. 31676 on 01.12.2021 and entered into force.
Laws & Regulations
This guide sets out the procedures and principles for reporting suspicious transactions for obliged parties other than the groups individually listed in the AML regulation, such as banks and insurers.
Payment Systems
The CBRT has published a guide on reporting persons and institutions that provide payment services without authorization. Under Law No. 6493, offering such services outside the CBRT's published list of payment and e-money institutions is a criminal offense.
Credit Card
Mir means World and Peace. It is a national payment system established by a law adopted by the Central Bank of Russia on 1 May 2017. It is currently accepted mostly by Russia-based companies, but acceptance is gradually spreading.
FAST
Current information: this post describes the limit as it stood when published. The CBRT's press release No. 2022-13 of 14 February 2022 announced a higher FAST limit and FAST payments in shopping through TR QR Code.
Credit Card
The BRSA has decided to raise the contactless card transaction limit to 500 TL, effective 1 February. This post explains the change, how PIN entry works above the limit, and how the limit has evolved since 2019.
Open Banking
Under the communiqué, service model banking does not require a separate BRSA license, but the service bank must notify the BRSA in writing before signing a contract with an interface developer.
Laws & Regulations
No. There is an exemption for technical service providers that offer IT support for the provision of payment services. However, they have responsibilities under the Communiqué on outsourcing and information security.
Laws & Regulations
Under the Directive, it is clear that some e-commerce platforms should be within scope. Whether a platform counts as a payment institution depends on its business model.