MOSCOW, April 29 (RIA Novosti) – Russian senators approved a bill establishing a national card payment system (NCPS) at a session of the Federation Council on Tuesday.
The ruble sign will become the official mark of the system, which will be formed by the Central Bank of Russia.
Lawmakers have significantly tightened requirements for payment system operators with clearing and settlement centers outside Russia.
Specifically, the law obliges foreign payment systems starting July 1 to make quarterly contributions to a special account in the Bank of Russia in the amount of 25% of the average daily turnover. In addition, penalties are introduced for operators of payment systems for unilateral termination of customer service.
The system would be organized as a joint stock company with 100 percent of the shares owned by the Central Bank. The regulator will retain full control over the clearinghouse for two years after the launch of the system, at which time the Bank of Russia will have the right to sell shares, but buyers cannot accumulate more than a 10 percent stake.
The NCPS strategy will be developed by the Board of Directors consisting of nine members.
According to Central Bank estimates, the creation of infrastructure for the launch of the NCPS may take up to six months, however, the distribution of these cards to the public could take up to two years.
The country’s banks welcome plans to establish a national card payment processing system as recent Ukraine-related sanctions saw several Russian banks denied service by Visa and MasterCard, troubling the general public and raising concern over the security of the country’s financial system.
