Electronic payment services in Russia – The impact of new regulations on a mature and innovative market

The Russian Electronic Money Association represents the largest electronic money companies in Russia. Its main aims include the provision of expert assistance with the elaboration of legislative regulation and increasing public awareness of electronic money. The Association monitors financial and legal issues facing the payment industry and provides research data to the regulators and market players.

It is a commonplace to start discussions about any new technology with the statement that innovations have considerably changed our lives. We do not argue otherwise. But new technologies sometimes also present serious dilemmas for regulators all over the world – just by bringing to their attention services they are not accustomed to. The state has to find ways to supervise new types of activities without impeding their development. This is especially true for payment technologies that operate in the financial sector and may have a certain degree of inherent risk.