Electronic Payment System in Russia

Electronic payment systems implementation can significantly improve the efficiency of state structures in Russia. This opinion was expressed by the President of the National Association of Electronic Commerce (NAUET) Alexander Kiselev.  

In July 2009 he announced that Russia is becoming a center of electronic payments, referring to the memorandum, under which the RF has entered into an electronic payment network of the UPU. 50% of the traffic network, which covers 45 countries, already at that time were in Russia.  

In September 2009 the State Duma Committee on financial markets has started drafting a bill on the regulation of electronic money in Russia. Most experts agree that the bill on the regulation of electronic money would be prepared and adopted before the end of this year.