Issue of credit cards of Elcard national payment system to provide loans in non-cash form started in Kyrgyzstan. Website of the National Bank of Kyrgyzstan reports.
Decree of the Committee on Payment System of the National Bank introduced a special regulatory regime for Microcredit Company M Bulak LLC and Interbank Processing Center. The special regime applies to a limited list of banking transactions:
- Issuance of pre-issued limited functionality credit cards of Elcard national payment system for providing loans in non-cash form;
- Acquiring (possibility for trade enterprises to accept cashless payment for goods and services using plastic cards) of Elcard cards through POS terminals/QR codes of Microcredit Company M Bulak LLC.
It is also planned to conclude agreements with trade and service enterprises on installation of POS terminals/use of QR codes and acceptance of Elcard cards as means of payment for sold goods, works and services, as well as to ensure settlements with trade and service enterprises within the framework of agreements with commercial banks and/or operators of e-money settlement systems.
The special regulatory regime has been extended until November 1, 2022.
