Serbia Issues First E-Money Licence, Fires Warning To Foreign Players

The National Bank of Serbia (NBS) has issued its first licence to a domestic e-money institution, prompting experts to warn that foreign peers providing similar services could be choked off.

iPay See, which was already a licensed payment institution in Serbia, will now also be allowed to carry out domestic payment transactions among local residents, and to issue electronic money for the purchase of goods and services online.

Authorities said they expect the firm to fill a gap in the country’s peer-to-peer payments market, and to launch a digital wallet early next year.

The NBS said that by “adopting an innovative payment method, the Serbian payment services market has become richer for a new type of payment service provider”.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial