ChipCard

CHIP CARD AS A PAYMENT INSTITUTION

Internet trade is a contemporary way of goods and services purchase and sale, which provides merchants and buyers with significant savings, increases competition and broadens the market for all participants in transactions.

This way of trading, known as eCommerce, is determined in a regulatory way in Serbia. Paying for goods and services sold via the Internet is exclusively possible through legal payment channels through banks and payment institutions.

On the basis of the business strategy of Asseco SEE, the majority owner of Chip Card, intended to ensure the provision of payment services to Internet merchants, Chip Card submitted a request to the National Bank of Serbia, compliantly with the Law on Payment Services (“Official Gazette of the RoS” No. 139/2014) for the provision of payment services, and was granted the license for performing payment services, namely:

– the services of transferring funds from one payment account to another;

– the services of issuing and/or accepting the payment instruments on the basis of which payment services provider enables the payment receiver to perform payment transactions initiated by the payer by using a particular payment instrument.
On the basis of granted Decision of the National Bank of Serbia of 14th March 2017, as a Payment Institution, Chip Card will ensure legal payment with payment cards through the Internet, which is complied with the national law, in compliance with the requests imposed by card organizations (VISA, MASTERCARD, DINA, Amex), by applying safety technologies and through the provision of the aggregating E-Commerce function for small and middle-sized Internet merchants in the Republic of Serbia, i.e. through the provision of a business-technological solution to the concentration of merchants and transactions in electronic trade and making a link to the accepting bank’s application system.