NATIONAL BANK OF THE REPUBLIC OF BELARUS

Electronic money

Electronic money (e-money) – value units that are kept in electronic form, issued in circulation in exchange for cash or non-cash funds, and accepted as a means of payment in settlements with both the person who issued these value units in circulation and other legal and natural persons as well as show the amount of this person’s obligation to repay monetary funds to any legal or natural person upon presentation of these value units.

In 2000, the National Bank of the Republic of Belarus started regulating operations in e-money in the Republic of Belarus.

The right to issue e-money in circulation is conferred on banks and non-bank financial organizations of the Republic of Belarus only (hereinafter – "banks"). The National Bank defines procedures for carrying out operations in e-money.

Operations in e-money in the Republic of Belarus are currently carried out in compliance with the following norms:

1) Edict of the President of the Republic of Belarus No. 6 "On Urgent Measures to Combat Illegal Drag Trafficking" (Edict No. 6) dated December 28, 2014, which requires that persons for whom electronic wallets are being opened or are opened shall be subject to mandatory identification irrespective of the amount of e-money therein;

2) Articles 14 and 274 of the Banking Code of the Republic of Belarus (the Banking Code);

3) Rules for carrying out operations in e-money approved by Resolution of the National Bank of the Republic of Belarus No. 201 dated November 26, 2003 (Rules No.201).

Issuing banks (agent banks) , banks which agreements with non-residents stipulating the repayment of e-money issued by non-residents in the territory of the Republic of Belarus concluded shall inform within one month of the beginning (terminating) of e-money issue and taking on (terminating) obligations to disseminate and repay e-money issued by a non-resident the National Bank to this effect. Banks shall provide information on procedures for terminating operations in e-money if operations in e-money terminate simultaneously with the notification of the termination of operations in e-money.

As of January 1, 2016, banks of the Republic of Belarus perform the following activities in e-money market:

1) issue in circulation e-money of the following systems:

  • Belgazprombank (e-money of EasyPay, "Berlio" and "MTS Money" systems);
  • OJSC "Technobank" (e-money of OJSC "Technobank" system based on technical platform of WebMoney Transfer system);
  • OJSC "Paritetbank" (e-money of iPay system);
  • "Bank Moscow–Minsk" JSC (e-money of W1 Bel, “MTS Wallet” systems);
  • PJSC "Trustbank" (e-money of iPay system);
  • "Priorbank" JSC (e-money of Belqi, "JSIP" and iPay systems);
  • "Belinvestbank" JSC, JSC "JSSB Belarusbank", "Priorbank" JSC and JSC "Belagroprombank" (e-money which is accessed via a prepaid card issued within the framework of VISA, MasterCard and BELCARD payment systems).

2) repayment of non-residents’ e-money in the territory of the Republic of Belarus:

  • Belgazprombank (e-money of "Rosberlio-Card" and "Krismar" systems).

3) dissemination and repayment of non-residents’ e-money in the territory of the Republic of Belarus:

  • Alfa-Bank (e-money of “eCard ABB”).

E-money of "Berlio", "Rosberlio-Card" and "Krismar" systems can be used in payments for fuel and associated goods on petrol stations; e-money of EasyPay, WebMoney Transfer, W1 Bel and Belqi systems is used by natural persons in payments for goods (services) on the Internet and for executing transfers between natural persons within the framework of the said systems in accordance with legislation; e-money of iPay system is used in payments for goods (services) via communication channels provided by mobile operators (Mobile TeleSystems PJSC ("MTS"), CJSC "Belarusian Telecommunications Network" ("Life") and Unitary Enterprise Velcom); e-money of "MTS Money" and “MTS Wallet” systems is used in payments for goods (services) via communication channels provided by Mobile TeleSystems PJSC ("MTS"); e-money of "OSIP" system is disseminated via cash-in terminals (services provided by residents of the Republic of Belarus – such as public utilities, services offered by mobile operators and internet access providers, etc. – are paid for by means of such e-money); and prepaid bank cards are issued by "Belinvestbank" JSC, JSC "Priorbank", JSC "JSSB Belarusbank" and JSC "Belagroprombank" within the framework of VISA, MasterCard and BELCARD payment systems and can be used in the same way as a bank payment card; e-money of “eCard ABB” is used to pay for goods, services, and works of residents and non-residents of the Republic of Belarus in the Internet.

E-money is kept in e-wallets. According to Belarusian legislation a plastic card, PC software and any software/hardware device containing e-money and/or providing an access thereto may be used as an e-wallet.

Information on operations conducted by banks in e-money is made available to the National Bank via the Association of the Belarusian Banks within the framework of the Information technology for presentation of data for e-money once a year.

Comparative analysis of operations in e-money issued by banks of the Republic of Belarus in 2012-2015

No. Indicators In 2012 In 2013 Change, 2013 to 2012 In 2014 Change, 2014 to 2015 In 2015 Change, 2015 to 2014
1. The amount of e-money issued in the year – total, BYR mln 2,147,986.7 2,703,574.1 1.26 3,277,291.3 1.21 2,883,176 0. 88
2. The amount of used e-money of banks (excluding the e-money turnover of e-wallets held by natural and legal persons and independent entrepreneurs associated with e-money dissemination and repayment operations) – total, BYR mln 2,402,395.6 3,070,236.9 1.28 3,873,198.0 1.26 2,814,543 0.73
3. Number of operations in e-money of banks (number of operations designed to transfer e-money from one e-wallet to the other, excluding the e-money turnover of e-wallets held by natural and legal persons and independent entrepreneurs associated with e-money dissemination and repayment operations) – total 12,634,603 12,687,782 1.00 13,569,454 1.07 7,001,984 0.52
4. The amount of repaid e-money of banks – total, BYR mln 2,105,490.7 2,678,444.4 1.27 3,421,848.0 1.28 2,883,381 0. 84
5. The amount of e-money repaid to legal persons and independent entrepreneurs (excluding banks’ agents and non-residents), BYR mln 1,784,256.8 1,992,658.4 1.12 2,163,741.9 1.09 1,969,381 0. 91
6. The amount of e-money repaid to natural persons, BYR mln 273,611.3 616,901.4 2.25 1,175,522.2 1.91 856,672 0.72
7. Number of opened e-wallets which may be used to conduct operations as on the first day of the first month in the year following the year under review – total 1,644,673 2,104,712 1.28 2,858,611 1.36 167,123 0.06