NBS licenses iPay See for electronic money issuance

The National Bank of Serbia has licensed iPay See d.o.o. Belgrade for electronic money issuance, by which the company, which has been licensed to provide payment services as a payment institution so far, has become the first domestic electronic money institution.

By following modern tendencies in payment methods, the Serbian payment services market has become richer by a new type of payment service provider.

By acquiring the license, iPay See has become the first electronic money institution licensed to carry out domestic payment transactions, since payment services of foreign electronic money institutions (PayPal, Skrill and Payoneer) are, under current legislation, available only for international payment transactions.

In the initial phase, iPay See will be issuing electronic money primarily via the network of distributors listed on the iPay See’s website.

After receiving electronic money, a user will be given payment authentication parameters known only to them. The electronic money issued may be used for the purchase of goods and services in internet stores of traders with whom iPay See has established cooperation, the list of which is also available on the iPay See’s website.

To purchase goods and services, payments with electronic money may be made not only by citizens but also by economic entities (entrepreneurs and companies).

The NBS expects, as highlighted in iPay See's plans as well, that, by no later than early 2017, in the second phase of its operation, the institution will launch the digital wallet services, i.e. it will enable electronic money creation in a virtual environment by making it possible to top up a digital wallet using payment cards on the internet or via mobile applications.

This would also create the conditions for making in-store payments.

The NBS reminds that electronic money is a full digital equivalent of cash, and is typically used for payments via the internet, mobile applications, NFC chip etc.

The user is also protected by their right to demand withdrawal (redemption) of electronic money, i.e. at the user’s request, the electronic money institution must promptly transfer to his current account the amount of money which is equivalent to the electronic money balance or pay out the corresponding amount in cash, the report states.

iPay See d.o.o. Beograd

Narodna banka Srbije Beograd

iPay See Belgrade

NBS

electronic money issuance

electronic money

PayPal

Skrill

Payoneer

internet trade

digital wallet

pay cards

mobile applications

NFC