New procedures for electronic money payment transactions
On 1 October 2022, NBU Resolution No. 210 adopted 28 September 2022 entered into force introducing new procedure for electronic money payment transactions.
The Resolution establishes requirements for:
- procedure for issuing electronic money and payment transactions using them;
- the mode of use of electronic wallets, in particular the Resolution obliges issuers to generate an electronic wallet number according to the international IBAN standard;
- agreements between issuers and consumers in order to strengthen protection of the rights of financial services consumers.
According to the NBU statement, the Resolution has been adopted to implement the rules of Law of Ukraine № 1591-IX whereby non-bank payment service providers may issue e-money. Only banks might previously issue electronic money.
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