LEGAL ACTS IN ENGLISH
 
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Početna | english
Legal Acts in English
Grupa: BANKING AND FINANCE
Izdanje: LAW ON MULTILATERAL INTERCHANGE FEES AND SPECIAL OPERATING RULES FOR CARD-BASED PAYMENT TRANSACTIONS
Published in the Službeni glasnik RS, No. 44/18 of 8 June 2018
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Sekcija: The Meaning of Specific Terms
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  • Article 2

    For the purposes of this Law, the following definitions shall apply:

    1) multilateral interchange fee means a fee, including a net compensation and any other agreed remuneration which is paid directly or indirectly (i.e. through a third party) for a card-based payment transaction between the issuer and the acquirer involved in the transaction;

    2) net compensation means the total amount of payments, rebates or other types of incentives received by an issuer from the payment card scheme, the acquirer or any other intermediary in relation to card-based payment transaction and related activities, reduced by the amount of payments, rebates or other types of incentives given by the issuer to these payment card schemes in relation to such transactions and activities;

    3) merchant service charge means a fee paid by the merchant to the acquirer in relation to a card-based payment transaction;

    4) payment transaction means the transfer of funds to the merchant's payment account, initiated by the payer or by other person on its behalf or by the merchant, irrespective of the legal relationship between the payer and the merchant;

    5) card-based payment transaction means a payment transaction initiated and carried out based on a payment card by means of any card, telecommunication, digital or IT device or software, in accordance with the business rules of payment card schemes and by using the infrastructure of such schemes, which is not considered a credit transfer or direct debit within the meaning of the law governing payment services;

    6) domestic payment transaction, payment order, payment account, current account, payment instrument, payment service provider, payment service user, electronic money, payment system in the Republic of Serbia, and processing, netting and settlement of transfer orders have the meaning determined in the law governing payment services;

    7) payment card means a payment instrument in the form of a physical or electronic card used to initiate a payment transaction;

    8) credit card means a payment card used to initiate a credit card transaction;

    9) credit card transaction means a card-based payment transaction where the amount of the transaction is debited in full or in part at a pre-agreed specific calendar month date to the payer, in accordance with conditions stipulated by the contract on credit card issuance, with or without interest;

    10) debit card means a payment card used to initiate a debit card transaction, including a prepaid card and other payment card other than a credit card;

    11) prepaid card means a payment card on which electronic money is stored and which is used to initiate a debit card transaction;

    12) debit card transaction means a card-based payment transaction, other than a credit card transaction;

    13) commercial card means a payment card issued to legal persons, public sector entities, entrepreneurs or other self-employed natural persons, which is limited in use for business purposes, where payments made with such cards are charged directly to the account of these entities;

    14) payment application means a computer software or equivalent loaded on a computer, mobile phone or any other device enabling a card-based payment transaction to be initiated and allowing the payer to issue a payment order;

    15) card-based payment instrument means any payment instrument, including a payment card, computer, mobile phone or any other technological device containing a payment application, which enables the payer to initiate a card-based payment transaction;

    16) payment brand means any material or digital name, term, sign, symbol or combination thereof, denoting the payment card scheme under which a card-based payment transaction is carried out;

    17) co-branding means the inclusion of at least one payment brand and at least one non-payment brand on the same card-based payment instrument;

    18) payer means a natural or legal person who holds a payment account and agrees that a payment order be carried out from that account, and/or a card-based payment transaction, or, where there is no payment account, a natural or legal person issuing a payment order for the purpose of carrying out such transaction;

    19) merchant means a payee, and/or a natural or legal person who is the intended recipient of funds which are the subject of a card-based payment transaction;

    20) acquirer means a payment service provider headquartered in the Republic of Serbia, contracting with the merchant to provide payment services of accepting and carrying out card-based payment transactions for the purpose of transferring funds to the merchant;

    21) issuer means a payment service provider headquartered in the Republic of Serbia, contracting with the payer to provide to it payment services of issuance of a payment instrument to initiate and carry out card-based payment transactions;

    22) consumer means a natural person concluding payment service contracts covered by this Law for purposes other than the business or other commercial activity of that person;

    23) payment card scheme means a single set of rules, practices, standards and/or operational guidelines for the execution of card-based payment transactions, and includes a specific decision-making body, organisation or entity accountable for the functioning of the scheme;

    24) four-party payment card scheme means a payment card scheme in which card- based payment transactions are carried out through that scheme, an issuer and an acquirer;

    25) three-party payment card scheme means a payment card scheme in which the scheme directly provides the service of acquiring and issuing a payment card and payment transactions are carried out based on payment cards. When a three-party payment card scheme licenses other payment service provider for the issuance of card-based payment instruments and/or acquiring of card-based payment transactions, or for issuing card-based payment instruments with a co-branding partner or through an agent, it is considered to be a four-party payment card scheme;

    26) processing entity means a person providing the technical service of processing and/or transfer of a payment order between an acquirer and an issuer.

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