Issued payment instruments cover electronic means of payment, payment cards, and prepaid payment instruments.
Electronic means of payment (EMP) shall mean a payment instrument realized on any media carrying electronic data required for initiating a payment transaction and/or executing other transactions set out in the agreement with the issuer.
Payment card is an electronic means of payment in the form of a plastic or other card.
A prepaid payment instrument is a payment instrument for e-money transactions. A prepaid payment instrument is used in line with the algorithm for executing the payment transaction of a respective e-money issuer and/or payment system rules determining the issue of payment instruments and in compliance with Ukrainian laws.
An issuer authorized to issue payment instruments in Ukraine is a payment services provider issuing payment instruments and authorized to provide such services in line with the Law of Ukraine On Payment Services.
In addition to receiving the license from the NBU, an issuer must enter into an agreement with the operator of the respective system to issue payment instruments to be used in the payment system.
A payment instrument can be:
- private for private needs of individuals
- corporate (business) for the needs of business/independent professional activity
A payment instrument can be used:
- to pay for the goods and services
- transfer funds to another entity
- withdraw cash
- receive information on the holder’s funds.
Limits/restrictions for using payment instruments
The procedure, terms, and conditions for using a payment instrument are set out in the agreement with the issuer.
The issuer is authorized to set limits and/or restrictions on the amounts and the number of payment transactions to be performed using payment instruments.