The State Duma unanimously passed at the first reading the amendments to the Federal Law “On National Payment System”

04.04.2014

The amendments to the Federal Law “On National Payment System” are connected with imposition of sanctions against Russia and a unilateral refusal of international payment systems, such as "Mastercard" and "Visa" from provision of services. The changes are aimed at improving the quality of the provision of money transfer services, taking place on the territory of Russia.

According to amendments, during implementation of currency transfers operations, clearing and operational houses located in the RF should be involved. Also providing of information on money transfers in Russia to foreign countries is prohibited. Exception to this rule is cases with cross-border transfers.

In accordance with the first vice-speaker of the State Duma Alexander Zhukov’s opinion, all the clearing and operational houses should be located in Russia in order to provide a trouble-free operation of payment systems. It is a basis for creation of national payment system. As preliminary estimates show, a work on its creation can take from several months to half-year.

Based on: http://www.rg.ru/2014/04/04/plateji-site.html

Expert’s opinion

Let’s re-invent the wheel!

YotaPhone is already invented, Yo-mobile is also created. Skokovo…

All the countries that have introduced and used national payment systems – are integrated in global financial system.

Both Japan and China are the world leaders in imports of the most advanced technologies. They did not invent national payment systems. Generally, they borrowed the latest technologies and implemented them.

But Russia has its own way. So we are waiting for settling of the budget for inventing the fact that has long been thought up and running now. While the national system is being created, international systems are going forward. And again, it will be necessary to catch up and adapt.

Especially remarkable is the following Zhukov’s passage:

“MasterCard and Visa will remain for cases with cross-border payments and for use abroad. We do not have an aim to squeeze them out. By the way, it’s possible that they will create their own clearing centers in Russia or will use our clearing centers. It’s possible to use franchise, id est to use their names. A lot of companies do it with the creation of clearing system for these cards on the territory of the country”.

There is no aim to squeeze them out. Nonetheless, the replacement should take place until the 1^st of October, 2014.

Then let’s wait for it!

Yaroslav Lomakin ( Managing partner of Honest & Bright” company)