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 Drug 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;
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;
4) Provisions on Hi-Tech Park, approved by Decree of the President of the Republic of Belarus No.12 dated September 22, 2005 "On Hi-Tech Park" (as amended by Decree of the President of the Republic of Belarus No.8 dated January 21, 2017 "On Development of the Digital Economy").
Issuing banks, agent banks, banks conducting the exchange of electronic money, banks that redeem electronic money issued by non-residents, shall inform within a month from the beginning (termination) of the e-money issue, the acceptance of the obligation (termination thereof) 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, 2021, notifications of the commencement of transactions involving e-money were submitted by:
1) issue of e-money in circulation:
- JSC “Belgazprombank” (e-money of "Berlio" and V-coin systems);
- "Belinvestbank" JSC (e-money of "Oplati" system);
- JSC "Technobank" (e-money of WebMoney Transfer system, nominated in BYN);
- OJSC "Paritetbank" (e-money of iPay system);
- "Bank Dabrabyt" JSC (e-money of "MTS Money" system);
- R-Bank JSC (e-money of iPay , QIWIBel systems);
- BPS-Sberbank (e-money of ePay system); and
- JSC "JSSB Belarusbank" and "Priorbank" JSC (e-money which is accessed via a prepaid card issued within the framework of MasterCard payment system).
2) repayment of non-residents’ e-money in the territory of the Republic of Belarus:
- JSC “Belgazprombank” (e-money of "BERLIO CARD", Euroberlio" systems).
3) dissemination and repayment of non-residents’ e-money by natural persons in the territory of the Republic of Belarus:
- BPS-Sberbank (e-money of “YooMoney” system); and
- R-Bank JSC (e-money of "QIWI" systems).
E-money of "Berlio", "BERLIO CARD " and "Euroberlio" systems can be used in payments for fuel and associated goods on etrol stations; e-money of "Oplati" system is used by natural persons to pay for goods, works, services and also to make transfers between natural persons within the system; e-money of WebMoney Transfer, "YooMoney" system 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")); e-money of the V-coin system is used to pay for goods (services) via communication channels provided by mobile operator Unitary Enterprise A1; e-money of "MTS Money" system is used in payments for goods (services) via communication channels provided by Mobile TeleSystems PJSC ("MTS"), and for carrying out system-wide money transfers between natural persons according to the legislation; e-money of QIWIBel and ePay systems 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 "Priorbank" JSC and JSC "JSSB Belarusbank" within the framework of MasterCard payment system and can be used in the same way as a bank payment card; e-money of the electronic money system "QIWI" is used to pay for goods and services, including by means of an automated information system of a single settlement and information payment space.
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 operations.