Moldova will unilaterally recognize licenses of payment systems issued in the territory of the European Union.
This is stipulated by the legislative amendments adopted by the Parliament in the second reading as part of the so-called e-commerce stimulation package (e-comerț). Deputy Prime Minister and Minister of Economic Development and Digitalization Dumitru Alaiba said that many of our citizens are waiting for a revolution in the electronic payment market. "We are isolated from payment systems, which provide a quality service and doomed to prohibitive costs and fees for services at the level of 20 years ago. We know that Moldovan e-commerce is missing opportunities every day because they don't have access to payment platforms. We have a small market and, to put it mildly, an unattractive market because of the compliance and licensing costs that payment operators will have to bear. It just doesn't make business sense. But we have a solution. Thanks to the amendments approved by the Parliament, Moldova will unilaterally recognize the licenses of payment systems issued in the territory of the European Union," Dumitru Alaiba said. According to him, it works now in the EU. If Paypal has a license in Luxembourg, they can operate under this license throughout the EU. "If Revolut is licensed in Lithuania, the license is valid throughout the EU. Moldova recognizes these licenses, which will open the door for new players in our country. We will stimulate competition in this sector and provide new business opportunities. We will unilaterally recognize the payment system licenses issued in the European Union. We are opening the door to competition and innovation," said Deputy Prime Minister. According to him, all that works in the EU, and we are going there. "We still have to adopt these rules, but we are accelerating their transfer. Besides, Georgia has taken the same measure. Revolut has been available in Georgia for a long time. For eight months we have been negotiating with several giants such as Paypal, Revolut and others. We are confident that this reform will make it easier for them to access our market, and our consumers and merchants will have access to quality services at a reasonable price," Dumitru Alaiba wrote. "Are there risks? There may be. Any reform also comes with risks. There are institutions that are responsible for managing them as they materialize. But we are looking for opportunities for our people and for our entrepreneurs. And the opportunities are enormous. One thing is clear: if we do not take big, bold steps in all areas, we will remain at the tail end of Europe for another three decades," said the Deputy Prime Minister. // 17.03.2023 – InfoMarket
