On 14 June 2011, the Duma in the second and third readings adopted the Federal Law on the national payment system (the "NPS Draft Law").
The NPS Draft Law (i) sets out the definition of electronic money and the national payment system; (ii) establishes the legal and organisational basis for its functioning; and (iii) regulates the procedure for rendering payment services.
Those who may participate in the payment system are: (i) money transfer operators, including electronic money operators; (ii) professional securities traders, insurance organisations and the bodies of the Federal Treasury; (iii) organisations of the federal mail service; and (iv) international financial organisations, foreign central (national) banks and foreign banks.
The NPS Draft Law establishes three types of electronic payments:
- personalised (with the identification of an individual client);
- non-personalised (without client identification); and
- corporate (with the identification of a legal entity or an individual entrepreneur).
According to the authors of the NPS Draft Law, it will establish a system of electronic payment in Russia, as well as ease operations for international payment systems.
Now that the Duma has adopted the NPS Draft Law, it must be approved by the Federation Council (the upper house of parliament) and then signed into law by the President.
[Draft Law No. 455931-5 "On the National Payment System"]