Article 40. Payments and/or money transfers using a payment card of the Law on Payments and Payment Systems

Home / Laws / Article 40. Payments and/or money transfers using a payment card of the Law on Payments and Payment Systems

1. Payment and (or) money transfer using a payment card are carried out in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan.

2. The rights and obligations of participants in payment and/or money transfer related to the use of payment cards arise from the moment an individual entrepreneur or a legal entity agrees to accept a payment made using a presented payment card.

An individual entrepreneur or a legal entity has the right to make a monetary claim against the bank that has concluded a payment card service agreement with him in the amount of the payment accepted by him. The specified bank has an obligation to fulfill the monetary claim of an individual entrepreneur or a legal entity.

3. When accepting payments using payment cards, individual entrepreneurs and legal entities are required to sell goods (works, services) at a price not exceeding their sale price when paying in cash.

4. The issuer of the payment card shall notify the holder of the payment card of transactions involving the use of the payment card in the cases and in the manner provided for by the agreement between them.

The method and frequency of sending such notification, as well as the amount and procedure for charging a fee by the payment card issuer for notifying the payment card holder of transactions using the payment card, are set out in the agreement between the payment card issuer and the payment card holder.

5. The payment card issuer must ensure that the payment card holder can send a notification around the clock about the loss of the payment card and/or unauthorized use of the payment card.

6. Upon discovery of the fact of loss of the payment card or unauthorized use of the payment card, the holder of the payment card notifies the issuer of the payment card in the manner established by the agreement between them. The issuer of the payment card, based on the notification of the payment card holder, blocks his payment card.

To reimburse an unauthorized transaction, the payment card holder submits to the payment card issuer an application in the form specified by the payment card issuer, except in cases where the payment card issuer has independently reimbursed the money for the unauthorized transaction in accordance with the agreement with the payment card holder.

7. The issuer of the payment card is responsible for unauthorized transactions in the event of their commission after receiving notification from the holder of the payment card about the loss of the payment card and (or) unauthorized use of the payment card.

8. The issuer of the payment card, based on the application of the payment card holder for reimbursement of an unauthorized transaction, takes measures to establish the fact of an unauthorized payment and, within fifteen calendar days from the date of receipt of such application, reimburses him the amount of money in the amount of the unauthorized transaction or sends a notification of refusal to reimburse the unauthorized transaction, indicating the reason in the manner provided for by the agreement between them.

If additional study is necessary by obtaining information from third parties or conducting verification, the payment card issuer reviews the application of the payment card holder and makes a decision on it within thirty calendar days for transactions within the Republic of Kazakhstan or sixty calendar days for transactions made abroad, and notifies the payment card holder in the manner established by the agreement between them.

The payment card issuer's refusal to reimburse an unauthorized transaction is carried out if there are grounds, signs or facts confirming a violation by the payment card holder of the rules for using the payment card or his participation in fraudulent transactions using his payment card.

9. The payment card holder bears all risks associated with the loss of the payment card or unauthorized use of the payment card, in case the issuer of the payment card fails to notify the issuer of the loss of the payment card or unauthorized use of the payment card.

10. The issuer of the payment card is obliged to provide the holder of the payment card with documents and information related to the use of his payment card, in accordance with the procedure established by the agreement.

11. The issuer of the payment card records the notifications sent to the holder of the payment card and received from him, and also stores the relevant information for at least three years from the date of their sending and receipt.

12. The payment card issuer shall consider the applications of the payment card holder, including in the event of disputes related to the use of the payment card or its details, within the time period established by the agreement, but not more than thirty calendar days from the date of receipt of such applications, as well as not more than forty-five calendar days from the date of receipt of applications in the case of the use of the payment card. cards abroad. Information on the results of consideration of applications is sent to the payment card holder, including in writing (at the request of the payment card holder).

13. The use of a payment card by its holder is suspended or terminated by the issuer of the payment card on the basis of a notification received from the holder or at the initiative of the issuer if the holder violates the procedure for using the payment card in accordance with the agreement.

14. The suspension or termination of the use of the payment card by the holder of the payment card does not terminate the obligations of the holder of the payment card and the issuer that arose prior to the suspension or termination of the specified use.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President

Republic of Kazakhstan

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