Electronic Money in Belarus

Electronic money is becoming an increasingly popular and convenient payment method worldwide. This technology is also actively developing in Belarus, offering new opportunities for financial transactions. In our article, we will look at the current status of electronic money in Belarus, its main advantages and opportunities, and safety rules for using it.

Electronic money – what is it

Electronic money is a digital alternative to cash and non—cash funds. It is not a record on bank accounts but a unique digital code stored on an electronic medium, such as a smartphone or computer application.
Electronic money is used to pay for goods and services on the Internet, transfer funds to other users and other financial transactions. You must have an electronic wallet registered in the electronic money system to do this.
There are several types of electronic payment systems:

• Payment systems that work with real money allow you to purchase online and pay for services.
• Systems based on cryptocurrencies use digital currencies protected by cryptography.

Electronic money in Belarus 

In Belarus, electronic money does not belong to cryptocurrencies, just as cryptocurrencies are not electronic money. Electronic money is the equivalent of ordinary or non-cash money, which can be exchanged for electronic money. In this case, the exchange of electronic money is called “repayment”.
Currently, various electronic money systems are operating in Belarus. Some of them allow both issuing and redeeming electronic money. Others provide an opportunity only for repayment. For example, in Belarus, it is possible to issue and repay electronic money through a bank using such systems as WebMoney Transfer, Berlio, MTS Money, V-coin, Pay, iPay, and ePay. At the same time, some electronic money systems, such as BERLIO-CARD, Euroberlio, Yandex. The money is available only for repayment without the possibility of issue.

What is the convenience of using electronic money?

The use of electronic money has several advantages:

1. Convenience and speed Electronic money allows you to make purchases and pay for services quickly and without carrying cash or cards (using a mobile application). This is incredibly convenient for online purchases and payments via mobile apps.
2. Safety Modern technologies provide a high level of security when using electronic wallets. However, as with cash or a bank card, precautions must be taken, and security rules must be followed.
3. Low fees Sometimes, using electronic money may be more profitable than paying by card or cash. Transaction fees may be lower, especially for transfers between e-wallets.
4. Availability E-wallets are available almost everywhere there is an Internet connection, allowing you to make payments regardless of location.
5. Cost control Many e-wallets provide tools for tracking expenses and budget management, which can help control finances and avoid unnecessary costs.
6. A variety of payment methods Using electronic money, you can pay for goods and services on the Internet and in regular stores, cafes and other places where card payments are accepted.
7. The opportunity to generate income Some electronic payment systems offer the opportunity to receive a percentage of the account balance or participate in affiliate programs.

However, it is worth remembering that electronic money is not a substitute for traditional bank accounts and cards. They are a convenient tool for everyday payments and purchases.

Who operates in the electronic money market

Electronic money that can be used in Belarus can be issued (issued) by Belarusian and foreign issuers. 
The issue (issue), distribution, exchange and repayment of electronic money in Belarus relate to payment services. Belarusian companies carrying these actions with electronic money must register in the Register of Payment Service Operators. The National Bank of Belarus maintains this Register. As of July 2024, operations with electronic money can be carried out by Belarusian operators:

• Belinvestbank and Dabrabyt Bank, Sberbank Bank and Belgazprombank – issue, repayment, and Dabrabyt Bank and Sberbank Bank can also distribute electronic money.
• A Solution Bank can repay and issue electronic money.
• Belarusian mobile operators can issue and distribute electronic money: MTS, A1 and CJSC Best.
• Companies that work with petroleum products can also issue and distribute electronic money: Gazpromneft-Belnefteprodukt, United Company, Lukoil, RN-Zapad, Tatbelnefteprodukt, Astotrading.

Officially, providers of payment services related to electronic money do not exchange electronic money in Belarus.
In Russia, electronic money is regulated by the legislation on the national payment system. According to it, e-wallets must be registered with the Central Bank, and their operators must comply with the requirements for identifying customers and countering money laundering.

What can I do with electronic money in Belarus

In Belarus, you can make purchases and other payments using cash and non-cash money. Electronic money is widely used in settlements in some instances.
Transactions with electronic money issued by non-residents relate to foreign exchange transactions. The state controls currency in these transactions.

How can companies and individual entrepreneurs use electronic money?

Companies and individual entrepreneurs can use electronic money issued by Belarusian issuers to purchase goods, services, and work and make other transactions with electronic money.
Electronic money issued by non-residents of Belarus can be used by companies and individual entrepreneurs for settlements outside Belarus and for payments to non-residents. You can also receive electronic money refunds from non-residents.

How can individuals use electronic money?

Individuals can use electronic money issued by residents for personal purposes, such as refuelling a car, paying for mobile communications, and placing bets. Such goals should not be related to an individual’s entrepreneurial activity.
Individuals can also use electronic money issued by non-residents for purposes that are not related to entrepreneurial activity, for settlements outside Belarus and with non-residents, and in transactions with residents in permitted cases: to lend for personal needs, to give, inherit, or store.

How to practically use electronic money

To use electronic money, you need one of the tools or both at once:

• The card of the payment system that issued the card. The card must be prepaid, that is, to confirm that the owner has a certain amount of electronic money for which this card was issued. For understanding, a prepaid card is similar to a gift certificate for a certain amount.
• Software is a payment application that provides access to electronic money and allows you to use it.

An individual does not necessarily have to open an electronic wallet to use electronic money. For example, it is not necessary to open an electronic wallet when:

• A bank issues electronic money.
• Electronic payments are sent to the ERIP, to company and individual bank accounts, and to pay for bank loans.

What are the safety rules when using electronic money

The security rules for using electronic money are similar to those for using Internet and mobile banking.

To protect your data, you must:

1. install antivirus software on your device;
2. do not disclose your data, such as username, password and session key;
3. create a strong password;
4. verify the authenticity of the site before entering personal data;
5. avoid conducting financial transactions from other people’s devices.

You should also consider the following points when making payments with electronic money:

1. Make sure that the store or company that gets access to your financial information exists and is who they pretend to be.
2. Storing large amounts of money in an electronic wallet is not recommended. It is better to transfer only the required amount immediately before the operation.
3. Receiving electronic money from employers and customers does not make income invisible to the state since the state controls income, including in the form of electronic money. Income in electronic money becomes visible, if not upon receipt, then upon settlement or repayment. Therefore, it is necessary to declare such income in time, especially when receiving it from foreign customers.

With the help of experienced settlement specialists and lawyers in the financial sector, it is possible to safely make transactions using electronic money and choose the optimal payment system.

Contact us

If you have any questions or disputes regarding electronic money, we will be happy to help! Our long-term experience in corporate law and taxation will help you resolve any disputes in this area.

• +37529366-44-77 (WhatsApp, Viber, Telegram);
• info@ambylegal.by.