The National Bank of Kyrgyzstan (NBKR) proposes to allow electronic payments only through electronic purses. If the amendments are adopted, the existing payment options will be drastically reduced. For example, cellular operators will not be able to provide mobile finance services to subscribers (payment of goods and services from a mobile phone account).
The NBKR proposes to carry out transactions using electronic money only from an electronic purse. The bank proposes to make such changes and additions to the resolution “on approval of the regulation on electronic money in the Kyrgyz Republic” dated March 30, 2016. According to the amendments, payments from the subscriber’s personal account to the supplier of goods and services are prohibited, except for payment for the services of the supplier of goods and services within his main activity.
Official Versionas reported by DR in the National Bank of the Kyrgyz Republic, when analyzing various scenarios of using electronic money the National bank identified possible risks of insufficient financial security of electronic money, their uncontrolled turnover, without an accent write-off of funds from user accounts, etc. “In this regard, in order to clarify the procedure of providing services using electronic money and minimizing the risks of consumers in the implementation of activities for the production, accounting and storage of electronic money, the board of the National Bank adopted Decision on amendments and additions to the regulation on electronic money in the Kyrgyz Republic,” the regulator explained. That is, the main argument is to protect the interests of the payer and control the financial flows.
At the same time, as the NBKR claims, any consumer can pay for purchases both by credit card and electronic wallet. “This will depend on which payment instruments are provided by the supplier of goods and services when paying via the internet, that is, when online payments by the supplier can be offered a scheme of payment from the bank card, and from the electronic wallet,” Noted in the National Bank.
According to the regulator, the proposed changes enhance the reliability, security and availability of electronic purses for the population. The developed requirements are primarily aimed at eliminating the risks of unfair and improper use of funds on the subscriber’s personal account, thereby protecting the rights of holders of electronic purses – consumers of goods and services.
Mobile operators ‘ position
mobile operators were very surprised by this initiative, as they just recently decided to offer a new service to Kyrgyzstani people when the phone balance can be used as payment for goods and services. Representatives of the largest mobile operator of Kyrgyzstan “Sky mobile” believe that these proposals are initiated in order to hinder the planned innovations. It seems that the representatives of banks fear that mobile operators “will take away” their clients.
According to the commercial director of “Sky Mobile” Tileka Akhmatova, in Kyrgyzstan the number of smartphones used in many times more than the number of Bank cards. And the gap will grow. “For a night in our power to create up to 2.5 million purses holders. Our interest is to develop e-commerce in Kyrgyzstan and to enter it as an intermediary, offering a method of payment. And to have a small percentage of this turnover is a big profit for us, “the top manager explained.
The Director of legal affairs “Sky mobile” Galina Kucherjaai explains that mobile operators can not be competitors to banks. “According to the legal requirements only banks have the right to emit electronic money. And in any case when making payments even from the smartphone we will need to cooperate with the banks. We are ready to help banks to develop the market of electronic payments, to enter the niche which is free today, and it is 80% of the population. We have a subscriber base and all the necessary infrastructure – these are the base stations through which the information goes, these are our points of sale,” she added.
Prospects that may not open
the Independent expert-political analyst Denis Berdakov believes that the restriction, which the National Bank of KR is trying to impose, deprives mobile operators of the opportunity to provide mobile finance services to their subscribers, Including replenishment of the electronic purse from the mobile balance. “Here it is appropriate to show in an example what we are deprived of. Take Kazakhstan, for example. There since 2016, mobile operators have the opportunity to launch client services in the field of mobile finance, and subscribers-to pay for various goods and services from their mobile account. And since they did not have a stop in the face of National Bank, then in 2017 the same Beeline launches even more convenient service-“bank card Beeline”. This is very convenient, “the expert explains.
Representatives of cellular operators state that the segment of mobile finances is perspective and can be completely transparent, that is, additional restrictions are not necessary. “First, it is convenient and fast, and secondly-payments will become transparent, they will be deducted taxes to the budget of our country. We do not demand any preferences, but we want to enter the market of electronic payments on general terms, “said Tilek Akhmatov.
According to the data of the association of Cellular Communication Operators of the KR, the subscriber base of Telekoms allows to reach 100% of the population in the implementation of digital Financial services. “The NBKR initiative is a deterrent to the introduction and development of the non-cash payment market and the digital economy of the Kyrgyz Republic. It goes against not only a number of state programs, according to which the development of modern technologies and innovations is the priority of modernization of the country’s economy, but also contradicts a number of normative legal acts of the Kyrgyz Republic, Regulatory legal acts of the NBKR, “Berdakov said.
In his opinion, having removed artificial barriers, allowing cellular operators to provide financial services to the entire population in partnership with banks, the NBKR will create conditions when all Market participants, especially consumers. “The combined resources of cellular operators and banks – advertising budgets, geographical coverage, human and financial resources – will exceed the current capabilities of existing players. Cellular operators are not going to replace the banks. On the contrary, using all of their resources, they are going to help banks to provide banking services to all segments of the population, “he said.
Telecom will still enter the electronic Payment market
According to the director general of the Company “Sky Mobile” Yernar Nakisbekova, the mobile operator wants on the general basis to go to the market of mobile payments. “However, if the law” on electronic payments of the KR “changes, we will consider alternative ways of solving the problem. In fact, they are not so small, just a little complicated process. For example, our holding company can buy a bank. But we would not like it,” he summed up the initiative of the National Bank to carry out transactions using electronic money only from the Ewallet is still at the stage of public discussion.
Statistics show that it is more convenient for Kyrgyzstani to use electronic purses than bank cards. According to the National Bank KR, the NBKR collects data on electronic money from the fourth quarter of 2015. Thus, as of the end of the fourth quarter of 2015, the number of registered e-wallets amounted to more than 274 thousand. At the end of 2016, this figure increased by 35.2% and amounted to more than 374 thousand. Purses. According to the results of the first half of 2017, there is also a positive trend, and the total number of registered electronic purses amounted to 448 thousand.
Material is taken from Digital Report.
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