You're reading: NBU relaxes access of international payment systems to Ukrainian market

The National Bank of Ukraine (NBU) has relaxed access to the Ukrainian market for international payment systems and has allowed the possibility of further functioning international online payment systems, including PayPal, ApplePay, GoogleWallet, in its legal documents.

The central bank said on its website that this is stipulated in NBU resolutions Nos. 480 and 481 of July 24, which have been posted on the NBU’s website and took effect from July 29.

The resolutions define the conditions for entering information on international online payment systems, including PayPal, ApplePay, GoogleWallet, to the register of payment systems, participants of the systems and operators of the payment infrastructure, which opens up opportunities for launching the operation of these international systems in Ukraine.

The regulator also specified the required documents for payment service market players regarding financial monitoring and relaxed the procedure for licenses for transmitting funds in the national currency without opening accounts by non-bank financial institutions and the procedure for registering participants of international payment systems created by nonresidents.

The NBU also included possibilities for citizens to settle payments with nonresidents using e-money issued outside Ukraine and increased the limit for payment using e-money during one calendar year to Hr 62,000 from Hr 35,000.