OREANDA-NEWS. October 01, 2013. The Central Bank of the Republic of Azerbaijan held a debate with the banking community on the draft Law on Payment Services, elaborated with a view to develop cashless payments in the country, launch a legal basis for the performance of all payment service suppliers and e-money issue, and protect payment service users rights.

Debates covered the goal and subject of the draft law, classification of payment service suppliers and types, mutual rights and responisbilities of payment service suppliers and users, safety of payment service users funds and relevant international practice.

Also the issues, banks representatives were interested in, were detailed, followed by the question-answer session.

The draft Law on Payment Services, prepareded by the Central Bank, is of paramount significance from the standpoint of development of cashless settlements, and the payment services market in the country, involvement of retail payments to the cashless circulation, amplification of competitiveness in the payment services market, regulation of activities of organizations and money remittance systems, which accept cash payments to the favor of third parties, introduction of new payment tools, like e-money and direct debiting, as well as proper determination of rights and responsibilities of parties to payment services.

Future adoption of the draft Law, built on the international practice, will ensure more effective and safe payment services, broader countrywide access to financial services, and transparency of payment services data.