The National Bank of Ukraine improved procedure of issuance of electronic means of payment (payment cards) and transactions, during which they were used, by means of the decree of the National Bank of Ukraine No 142 of 29 November 2019 (entered into force on 10 December 2019). The renewed procedure takes into account modern trends on the financial market and international practice of usage of the electronic means of payment.

In particular, the National Bank:

  • standardized usage procedure for electronic means of payment;
  • standardized work of the international and technical intermediary;
  • allowed natural person, performing independent professional activities, to use corporate payment card;
  • allowed to issue for the account, opened for a natural person who was adjudged as incapable, an electronic means of payment in the name of legal representative (guardian) of this natural person.
  • allowed the bank to transfer the payment card to the user via its agent, who is entitled to identify/verify the clients;
  • included obligation of the bank to stipulate procedure of issue/reissue of the electronic payment means for the user in the agreement concluded with a client;
  • provided more accurate explanation relating to:
  • right of the client’s authorized person to receive a payment card without a right to use it;
  • obligation of the payment services supplier to inform the users about cost of their services before initiation of the transfer.

The National Bank expects that introduction of such requirements will help banks to improve their user service, strengthening users rights protection and boosting their confidence in electronic payment means.

The National Bank of Ukraine again wrote that economic entities are not allowed to use corporate electronic payment means to pay salary, social payments” – changes to Chapter III of the Provision on Procedure of Issuance of Electronic Means of Payment and Transactions, during which they were used.

Source: Decree of the National Bank of Ukraine No 142 of 29 November 2019 “On Introduction of Changes to some Regulations of the National Bank of Ukraine”.