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Interesting points from the new Law “On Payment Services”

31/ 08/ 2021
  Author: Elizabeth Lipka, lawyer at Dynasty Law & Investment The law also enshrines the concept of cash in electronic and digital money in the cases provided by this law (previously this concept applied only to cash and non-cash funds). It is clear which transactions are financial payment services and which are NOT financial payment services. Thus, the following operations are referred to financial: crediting cash to the users account, opening and closing an account (exclusion of electronic wallets); withdrawal of cash from the account (exclusion of electronic wallets); transfer of credit and debit funds; other payment transactions using payment instruments; issuance of payment instruments and / or acquiring of payment instruments; transfer of funds without opening an account; issuance of electronic money and execution of payment transactions with this money, including opening and maintenance of electronic wallets. Non-financial transactions are transactions that initiate or provide information, in particular initiating a payment transaction or providing account information. Issuance of a license by the National Bank of Ukraine to provide financial payment services by including relevant information in the Register of Payment Infrastructure (register maintained by the NBU) The obligation of preliminary coordination between the service provider and users of all conditions of rendering of payment services and the subsequent conclusion of the contract for rendering of such services, even for performance of one-time payment operations is defined. In this way, the payment service system becomes more transparent, informative and secure for the user. And in a global sense, national legislation is adapting to the legislation of the EU, which will provide an opportunity to integrate the national payment system with the payment system of the EU.

Author: Elizabeth Lipka, lawyer at Dynasty Law & Investment

The law also enshrines the concept of cash in electronic and digital money in the cases provided by this law (previously this concept applied only to cash and non-cash funds).

It is clear which transactions are financial payment services and which are NOT financial payment services. Thus, the following operations are referred to financial: crediting cash to the user’s account, opening and closing an account (exclusion of electronic wallets); withdrawal of cash from the account (exclusion of electronic wallets); transfer of credit and debit funds; other payment transactions using payment instruments; issuance of payment instruments and / or acquiring of payment instruments; transfer of funds without opening an account; issuance of electronic money and execution of payment transactions with this money, including opening and maintenance of electronic wallets. Non-financial transactions are transactions that initiate or provide information, in particular initiating a payment transaction or providing account information.

Issuance of a license by the National Bank of Ukraine to provide financial payment services by including relevant information in the Register of Payment Infrastructure (register maintained by the NBU)

The obligation of preliminary coordination between the service provider and users of all conditions of rendering of payment services and the subsequent conclusion of the contract for rendering of such services, even for performance of one-time payment operations is defined.

In this way, the payment service system becomes more transparent, informative and secure for the user. And in a global sense, national legislation is adapting to the legislation of the EU, which will provide an opportunity to integrate the national payment system with the payment system of the EU.

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