National Bank expands list of entities authorized to issue electronic money
The National Bank of Kyrgyzstan will expand the list of entities authorized to issue electronic money and carry out acquiring of bank cards. The relevant amendments to the Law on the Payment System were approved in the second reading by the Budget, Economic, and Fiscal Policy Committee of the Parliament.
Previously, the National Bank allowed one payment organization to provide services that were exclusively permitted for banks on a test basis. This regulatory regime was introduced from September 1, 2021, to February 28, 2022, and was subsequently extended twice.
Following the successful completion of this trial period, the National Bank now intends to allow other payment organizations to issue their own electronic money in exchange for cash or non-cash funds.
They will also be allowed to issue bank cards (Elcard, Visa and Mastercard), including Internet acquiring for e-commerce through POS terminals, including virtual and mobile POS terminals, along with the use of QR codes, by concluding an agreement with trade and service enterprises (TSE) on the installation of POS terminals/use of QR codes and acceptance of bank cards as a means of payment for goods, works, services of the TSE, as well as ensuring settlements with the TSE within the framework of agreements with commercial banks and operators of electronic money settlement systems.
