Legal aspects

Banking (payment) card

One of the tools distributed electronic commerce is a bank card. Banking (payment) card is a document issued by a credit institution issuing a confirmation of accommodation on the bank account funds, on the basis of which the card holder is able to perform operations on the cash flows from the card account, and make payments for goods and services.

In the Russian Federation in circulation are international cards (Visa, MasterCard, American Express) and local payment systems (STB Card, Union Card, Golden Crown).

The legal basis for the calculations by the credit card account for the rules of international payment systems. They define the general principles and standards for the calculations in the world. In addition to the rules of international payment systems, Russian banks for operations with bank cards guided internal bank rules, the legislation of the Russian Federation, as well as regulations, decrees and regulations of the Central Bank of the Russian Federation.

Payment for goods on the Internet by the credit card shall be in accordance with the Regulations of the Central Bank of the Russian Federation №23-P "On the order of issuance of credit cards and banking organizations from the settlement of transactions made with their use". This provision establishes the requirements for payment by credit card transactions.

The main participants of the relations associated with the use of bank cards, are:

  • cardholders;
  • issuing bank that enters into a contract with the owner of the card and the issuer of bank cards.
  • processing center, which is tasked with providing information and technological interaction between participants payments using plastic cards (settlement banks, issuing banks and acquiring banks);
  • acquirer - credit organization designed to settle trade with companies on transactions made using credit cards or carry cash withdrawal cardholders who are not clients of the credit institution
  • merchant who, under an agreement with the acquiring bank receives as payment for their goods or services to the documents made with the use of bank cards.