State Duma adopts e-payment market regulation bill
MOSCOW, June 25 (RAPSI) – A bill laying down the rules of banks’ interoperating with payments app provider organizations such as ApplePay, SamsungPay and MirPay passed its final reading in the Russian State Duma on Tuesday.
According to the statement of the parliament’s lower house, the draft law sets such concepts as payments application, payments app provider and settlement aggregator.
Moreover, the bill 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.