Es­to­nia seeks mod­ernising law on pay­ment and E-money in­sti­tu­tions

Baltic News Network - - News -

As the Es­to­nian gov­ern­ment pushes to reg­u­late emerg­ing pay­ment ser­vices and in­crease the se­cu­rity re­quire­ments of online pay­ments, the Es­to­nian cab­i­net of min­is­ters have backed a bill of amend­ments to the Baltic coun­try’s Pay­ment In­sti­tu­tions and E-money In­sti­tu­tions Act.

«The rapid devel­op­ment of the mar­ket of pay­ment ser­vices, specif­i­cally card, online and mo­bile pay­ments, has cre­ated the need to up­date the law,» Min­is­ter of Fi­nance Toomas Tõniste said. «The con­sumers in the form of new pay­ment ser­vices will have ad­di­tional op­por­tu­ni­ties to pay for their pur­chases online and mon­i­tor their fi­nan­cial sta­tus.»

To in­crease com­pe­ti­tion, the bill will in­tro­duce pay­ment ini­ti­a­tion and ac­count in­for­ma­tion ser­vices among the pay­ment ser­vices, the Es­to­nian Ministry of Fi­nance stated.

The bill of amend­ments will also en­hance the se­cu­rity mea­sures con­cern­ing online pay­ments so that pay­ment ser­vice providers will have to im­ple­ment so-called strict au­then­ti­ca­tion re­quire­ments when identifying a cus­tomer and the use of ex­ist­ing pass­word cards will be lim­ited as the cards are sim­ple to be copied.

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