Based on the Payment Services Act which was adopted in 2014 and came into force on 1 October 2015, a new type of payment service has been introduced to the Serbian Payment Service Market.
At the session held on 13 October 2016, the Executive Board of the National Bank of Serbia made the decision to award a license to issue electronic money to the company iPay See d.o.o. Beograd (“iPay See”). By this decision iPay See became the first Serbian e-money institution.
For the start, iPay See will be issuing e-money via a network of distributors listed on the website and in the future phases of development it is expected to provide digital wallet services. This way, users will be able to make in-store payments as well as online payments.
Generally, purchase of goods and services with e-money is provided both for citizens and companies. Each user will receive unique parameters which will be used for authentication. Electronic money may be used for purchase in internet stores with which iPay See has entered into cooperation. The list of these stores will be published on iPay See’s website.
National Bank of Serbia emphasized that e-money is equal with cash, that it is generally used for online payments, mobile applications, NFC chips, etc, and that it is easy and safe to use. In addition, it is important to note that users will be protected by the possibility to withdraw their electronic money at every moment.
By Milan Samardzic, Partner, and Nevena Milosevic, Associate, SOG / Samardzic, Oreski & Grbovic