Banks and markets opposed the decision of the Central Bank of the Russian Federation to create new players in the payments market. They justify their criticism with the risks of fraud and the increased costs of the new statute.
This follows from a letter from the Association of Banks of Russia (ADB), sent to the Ministry of Finance, the Ministry of Digital Development and the Ministry of Economic Development, and from a letter from the Association of Internet Trading Companies (AKIT) , sent to the Central Bank, the Ministry of Finance and the Ministry of Economic Development, which was reviewed by RBC.
In 2022, the regulator drafted a bill according to which payment acceptance services can begin to be provided not only by banks, but also by fintech companies, insurers, brokers, microfinance organizations and others. . The document has not yet been submitted to the State Duma.
The ADB believes that the emergence of new actors could lead to risks for the national payment system, a decrease in the quality of money transfer services and the pace of development of the e-commerce market, as well as a violation of consumer rights. the citizens. and organizations. The Banking Association did not support the regulator’s plans; AKIT called for “further elaboration” of the document.
The Central Bank told the publication that the appearance of the NPPU institute [небанковского поставщика платежных услуг] It was discussed more than once with market participants, including the Association of Russian Banks, markets, and was supported by them. The Ministry of Finance reported that “the issue is under study and discussion.”
Experts explain the banks’ concerns by saying that the emergence of new players will lead to greater competition. However, the problems with the quality of payment services that market players predict will likely be neutralized by competition itself, as the end consumer will choose the most convenient and profitable service.
Author:
Karina Pardaeva
Source: RB
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