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News

14 September 2012

Russian Central Bank will set a 40 thousand rubles limit for prepaid card transactions

The Central Bank of Russia prepared amendments to its regulatory system and offers to introduce amendments to the Law "On the national payment system" and basically equated prepaid cards to e-money. For cardholders this means limited functions, for instance it wouldn’t be possible to use these cards for transactions exceeding 40 thousand rubles. Besides it will be prohibited to make cash withdrawals with non-personified cards.

Representative of Central Bank explained that according to the Law "On the national payment system" the term "electronic monetary funds" was supposed to include prepaid cards as well. Obviously not all the market players understood that, that’s why these amendments have to be introduced.

Slon.ru



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