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You're reading: Visa asking president to veto law on functioning of payment systems
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“The law was passed without taking into account the position of industry players, who expressed serious alarm at its key clauses, and despite over 300 recommendations and amendments being drawn up by the banking and financial community,” reads a company statement issued on September 27, 2012.

The company said that the law sets non-transparent rules for the whole industry, puts great pressure on business, and considerably narrows the rights of some market players to operate in Ukraine, and thus, it hinders the further development of the sector on the basis of principles of open competition.

Visa also said that due to the absence of clear regulatory mechanisms, the endorsement of the law could hamper the development of the electronic payment industry in Ukraine by establishing a monopoly on the Ukrainian payment market de facto, which will result in negative consequences.

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