“In order to ensure continuity, effectiveness and accessibility of money transfer services, the national payment card system is to be established”, reads the accompanying memo.

NSPK operator is an open joint-stock company, 100% owned by the Bank of Russia. However, the Bank of Russia has a two-year moratorium on alienation of NSPK stock from company registration date, states the memo.

The Act also bans payment system and infrastructure operators, settlement centers and participants from unilaterally terminating their service as money transfer providers.

Project Group №1