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Iranian ecommerce regulators green light payment gateways

Tuesday 27 December 2016 | 08:55 AM CET

Iranian ecommerce regulators have taken initiatives to regulate the activity of third party payment service providers, also referred to as aggregators.

Payment aggregators will be authorised only if they meet technical standards of Shaparak, the payment industry’s regulator, Faranak Razeqi, deputy Iran Center for E-Commerce Development, mentioned, financialtribune.com reports.

Users will be classified in different groups, which define a cap for the total money they are allowed to receive. The primary plan requires users to provide a phone number for being allowed to use payment services, she added.

Back in March 2016, authorities decided to block almost all the unofficial payment tools. The move was estimated to have killed over 1,000 jobs that relied on non-bank payment services for running their businesses.

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