Russian Agreements of Digital Payments

Russian Agreements of Digital Payments: An Overview

Digital payments have been on the rise in recent years, as more and more people opt for the convenience and security of online transactions. In Russia, the government has taken steps to regulate the digital payments industry by introducing a number of agreements aimed at promoting transparency and stability in the market.

Here’s a brief overview of some of the key Russian agreements of digital payments:

1. National Payment System Agreement (NPSA)

The National Payment System Agreement was introduced in 2011 to regulate payment systems and ensure the stability of Russia`s financial system. The agreement requires payment system operators to meet certain requirements, including having a minimum capital of 3 billion rubles (approx. $40 million USD) and complying with anti-money laundering regulations.

2. Russian Payment System Agreement (RPSA)

The Russian Payment System Agreement, introduced in 2014, is aimed at promoting competition in the Russian payments industry and reducing the dominance of foreign payment systems. Under the agreement, companies that wish to operate payment systems in Russia must be registered with the Central Bank of Russia and comply with certain rules and requirements.

3. Agreement on International Payment System (AIPS)

In 2015, Russia launched its own international payment system, known as Mir, as an alternative to global payment systems such as Visa and Mastercard. The Agreement on International Payment System sets out the rules and requirements for Mir, including its governance structure and its relationship with other payment systems.

4. Cybersecurity Agreement

In 2020, the Central Bank of Russia signed an agreement with the Ministry of Digital Development, Communications and Mass Media to promote cybersecurity in the digital payments industry. The agreement aims to enhance the resilience of Russia`s financial infrastructure against cyber threats, and to ensure that digital payments remain secure and reliable.

Overall, the Russian government has taken a proactive approach to regulating the digital payments industry, with a focus on promoting competition, ensuring stability, and enhancing cybersecurity. By setting out clear rules and requirements for payments companies, the government is helping to build a trustworthy and sustainable digital payments ecosystem in Russia.