NBU / Photo from UNIAN
The National Bank of Ukraine (NBU) simplified access to the Ukrainian market for international online payment systems and expanded the possibilities for the use of e-money issued by non-residents, according to the posting on the regulator’s website.
These regulatory changes have been introduced by NBU Board Resolutions dated July 24, 2015, notably Resolution No. 480 and No. 481 with regard to e-money transactions, according to a statement.
This resolution specifies the terms and conditions for entering information about the international online payment systems (such as PayPal, ApplePay, GoogleWallet and others) into the Register of Payment Systems. The resolution also sets forth the requirements to the documents of the participants of the payment services market in terms of financial monitoring and simplifies the procedure for obtaining licenses by those market participants for transferring funds.
In addition, this resolution provides for the possibility of carrying out settlements using electronic money issued outside Ukraine in the international online payment system provided that putting this money into the system and its withdrawal therefrom is carried out solely through bank accounts. The NBU also raised the upper limit on payments involving the use of electronic money per calendar year from UAH 35,000 to UAH 62,000.
The aforementioned resolutions enter into force on the day following their official publication.
As reported earlier, previously the NBU stated it was set to improve conditions for the operation of international payment systems in Ukraine, in particular, removing obstacles that appear in work of international online payment systems and electronic money issuers (based on the example of PayPal).
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