Introduction of obligatory clearing only by residents could destroy competition on payment card market, says expert

Kyiv, November 23 (Interfax-Ukraine) – The introduction of obligatory clearing only by residents on the payment card market inside Ukraine could destroy its competitive environment, director of the Institute for Economic Research and Policy Consulting Ihor Burakovsky has said at a press conference at Interfax-Ukraine.

He also noted that the creation of a payment council to set a procedure for performing operations with payment cards in Ukraine could also become an artificial barrier to competition.

"The creation of such a payment council contains a certain threat, because a question immediately arises about how the council is formed," said Burakovsky.

In addition, he noted that these initiatives do not correspond to the norms of the World Trade Organization.

Burakovsky criticized the National Bank of Ukraine's concept of introducing supervision over payment systems, which, in particular, foresee the separation of international payment systems as a separate oversight object.

"This concept of oversight includes certain risks in creating unequal conditions for resident and non-resident payment systems," he said.