Law on Payment Services and Payment Systems

In the Official Gazette of Republic of North Macedonia no. 90 issued on 12.04.2022, The Law on Payment Services and Payment Systems was published.

Law on Payment Services and Payment Systems is going to be applied starting from 01.01.2023.

With the adoption of the law, the domestic legislation is harmonized with the Payment Services Directive (2015/2366/EC), the Electronic Money Directive (2009/110/EC, The Settlement finality Directive (98/26/EC) the Directive on comparability of commissions related to payment accounts, transfer of payments and access to pyment accounts with basic characteristics (2014/92/EC) the Regulation on replacement fees for card based payment transactions (2015/751) and the Regulation on the establishment of technical and business requirements for credit transfers and direct borrowing in euros (260/2012) in the part of the provisions related to direct borrowing.

With the day of application of the Law on Payment Services and Payment Systems, the Law on Payment Operations and the Law on Fast Money Transfer Services cease to be valid.

The Law will liberalize the market for payment services through the entry of non-bank payment institutions that will perform certain segments of the payment operations and provide innovative ways of electronic payment, and the Law also regulates and new payment instruments such as direct borrowing.

This law regulates the types of payment services, the license for providing payment services, issuing electronic money, the transparency of the conditions and obligations for information regarding payment services, the rights and obligations of providers and users of payment services, the opening and use of payment services. account, portability of the payment account, transparency and comparability of fees related to payment accounts and services, dispute resolution procedures for the provision of payment services, payment systems and settlement settlements, oversight of payment institutions, electronic money institutions and the operator of payment system, the establishment and maintenance of a single register of accounts, as well as other issues related to payment services and payment systems.

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