National bank of Serbia
The National Bank of Serbia (NBS) has revoked e-money service iPay's license for issuing electronic money, which also includes providing payment services, the Nova website reported on July 8.
"The iPay company shall no longer conclude new legal deals pertaining to the issue of electronic money and provision of payment services, nor issue electronic money or enable payments with electronic money, accept or transfer electronic money, based on previously concluded contracts," the central bank said in its decision.
The bank adds that iPay shall not receive payment orders either, i.e. enable the initiation and acceptance of payment transactions based on payment cards, on the grounds of previously concluded contracts on providing payment services.
After the cessation of validity of the license and for the purpose of protecting payment service users and electronic money holders, this company is obliged to enable electronic money holders to perform a complete purchase of the remaining money and to transfer to the holders funds equaling the nominal value of purchased money, as well as to perform the payment transactions that were initiated as of the date of enactment of the decision.
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