In Russia, the limits on the balance of funds in electronic wallets and the maximum size of transfers from them for citizens who have passed full identification may increase from 600 thousand to 1 million rubles, Izvestia has learned.
The proposal arose from market participants, the Central Bank supported it, and Rosfinmonitoring also did not express conceptual objections.
It is also proposed to increase the limits because the old restrictions lead to an excessive increase in the operational burden of processing additional payment traffic.
The Central Bank noted that the proposed measures can help increase the attractiveness of electronic money transfer services for customers.
Rosfinmonitoring, however, drew attention to the fact that such an increase will actually bring the functionality of electronic wallets closer to the client’s bank account.
Therefore, the department believes that it is better to unify the procedure for providing electronic means of payment to people and the operation of such wallets with the current anti-money laundering rules for bank accounts. This must be done to reduce the risks of money laundering and terrorist financing, they added.
- At the end of September 2023, Yandex began discussing with the Central Bank of Russia the possibility of charging interest to electronic wallets, something that is now prohibited by law.
- According to the Central Bank, as of September 1, 2023, 61 electronic money transfer operators were registered in Russia. Among them are YuMoney, Qiwi Bank, Yandex Bank, Ozon Bank, Tinkoff Bank, NPO Settlement Solutions and other companies.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
