5th March 2021, Skopje – New Law on Payment Services and Payment Systems, being published on the Single National Electronic Registry of Regulations – ENER on Friday, for public consultation, will contribute to liberalizing the payment service market. Entry of new payment service providers, primarily from the FinTech sector, will be allowed thereby, thus also providing for encouraging the digital transformation of the existing market participants. Expected boosted competition will contribute to creating broader and higher quality set of payments services for both consumers and companies.
At the same time, its adoption will provide for raising the degree of harmonization of the national legal regulations in the field of “free market trend”, on North Macedonia’s path to EU membership, as one of the preconditions for including Republic of North Macedonia in the Single Euro Payments Area (SEPA).
This Law, the application of which is expected at the beginning of next year, also stipulates introduction of a payment account with basic features, which can be opened by every citizen. Opening of the account, as well as several basic payment services will be free of charge for the vulnerable categories, thus raising the level of financial inclusion, which we strive for.
New Law on Payment Services and Payment Systems will contribute to maintaining efficient, safe and stable national payment system, prepared for its further payment integration with the payment infrastructure of the EU and broader.
Draft Law on Payment Services and Payment Systems is available at the following link.
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