Home / News / Electronic Money in Belarus

Electronic Money in Belarus

17.06.2025

With the growth of non-cash payments and digital technologies, electronic money has become important in Belarus’s financial system. Today, it is actively used by both individuals and businesses, for example, to accept payments for goods and services through payment platforms.

According to Belarusian law, electronic money is a conventional unit representing the issuer’s monetary obligations to the user and is intended for payments without opening a bank account. They can be used:

To pay for goods and services
For translation between users
As part of settlements between businesses and clients

Only banks that are residents of Belarus and have received the appropriate permission from the National Bank can issue electronic money (carry out their emission). Electronic money can be distributed through agents, including the ERIP operator. Belarusian users are popular with solutions such as Belkart wallets, WebPay, iPay, and EasyPay, as well as virtual cards and mobile applications from banks.

Electronic money provides fast and convenient payments, but it also requires security measures, user identification, and an understanding of regulatory restrictions, mainly when used for commercial activities, cross-border payments, or salary payments.

In this article, we will look at:

What is electronic money?
Who and how can use them?
Possible risks and development prospects of this instrument

What is electronic money: definition and features

Electronic money is stored in electronic form in the Republic of Belarus and used for payments without opening a bank account.

Electronic money is issued ( emitted ) only by banks and organizations—residents of the Republic of Belarus, with the permission of the National Bank of Belarus. Users (individuals and legal entities) can use electronic money to pay for goods and services and to transfer to other users within the payment system.

Difference from non-cash money and virtual currencies

Electronic money is not the same as non-cash money or cryptocurrencies. It is essential to understand the following differences:

Electronic money differs from non-cash money in how it is stored: non-cash funds are stored in a bank account, while electronic funds are stored in specialized systems ( electronic wallets ) that are not directly linked to a current account
They differ from cryptocurrencies and virtual currencies because they have a centralized issuer and are backed by real money deposited in advance. Cryptocurrencies such as Bitcoin are not recognized as a means of payment in Belarus, while electronic money is a legal and regulated payment instrument

In Belarus, electronic money from Belarusian and foreign issuers is used.

Forms of presentation

Electronic money in Belarus can be used through different forms and technologies:

E-wallets are the most common method. Users can open a wallet through a bank or payment service (for example, EasyPay, iPay, WebPay) and use it for payments, replenishment, and transfers
Prepaid (prepaid) cards are plastic or virtual cards replenished in advance. They can be used as an analog of a bank card without being linked to an account. You can pay with them on the Internet and at retail outlets
Mobile applications and QR codes—Modern banks and payment platforms integrate electronic money into mobile applications, providing one-touch payment by scanning QR codes or using NFC technology

Thus, electronic money is a convenient, fast, and regulated instrument for settlements in Belarus’s modern digital economy, available to both private users and businesses.

How individuals can use electronic money

To start using electronic money, an individual must open an electronic wallet. This can be done:

On the website or the mobile payment system application (for example, EasyPay, iPay)
Via Internet banking or the application of the servicing bank (for example, Belarusbank, MTBank, Priorbank)

Often, you must provide your phone number and email address and complete basic registration. Access to advanced features may require identification (e.g., via ERIP, your bank account, or at a branch).

Replenishment and storage of funds

You can top up your e-wallet in different ways:

Via Internet banking
In cash at a payment terminal via ERIP or at the cash desk
By bank card transfer
Through automatic replenishment services, such as a mobile application

Funds in the e-wallet are stored within the established limits and are considered the bank’s obligations to the user. This money can be used anytime, but interest on the balance is usually not accrued.

Payments: trade, housing, and communal services, government services

With the help of electronic money, you can quickly and conveniently pay:

Purchases in online stores and offline trade, including through QR codes, NFC, or virtual cards
For housing and communal services, mobile communications, Internet, and television, through integration with ERIP
State duties and fees, including payment of fines, registration, state fees for a passport, etc.
Online services and subscriptions – such as access to digital content, educational platforms, etc.

These payments can often be made in one click, especially using mobile payment apps.

Limits and anonymity: when identification is needed

Different limit levels are set depending on whether the user has passed identification:

An unidentified user can use electronic money only within a limited limit (for example, up to 500 base units per year – the National Bank periodically updates the amount). The amount of one payment and the balance on the wallet may also be limited
An identified user (i.e., one who has confirmed their identity through a bank, ERIP, or other means) receives extended limits and access to all functions, including transfers to other users, use for large amounts, and in business settlements

In practice, identification is a simple procedure necessary to comply with anti-money laundering (AML) and financial security requirements.

Using Electronic Money in Business

Electronic money has become a convenient tool not only for individuals but also for small and medium-sized businesses in Belarus. It is especially in demand in the areas of Internet trade, online services, and payments for services. However, this tool can only be used within the framework of current legislation, taking into account the requirements of the National Bank.

Application in Internet Commerce

For online stores and digital platforms, electronic money is a way to:

Quickly accept payments from clients without opening a current account
Provide convenience to customers (especially young people who actively use electronic wallets)
Use prepayment and instant crediting of funds

Merchants can accept payments via payment links, website forms, QR codes, or mobile apps integrated with e-wallets.

Accepting payments from clients

Organizations and individual entrepreneurs can receive payments from clients in electronic money through an agency agreement with a payment system or bank. It is essential to consider:

Electronic money must be issued by a Belarusian bank listed in the National Bank’s register
The received electronic money is automatically converted into Belarusian rubles and credited to the company’s bank account
Electronic money cannot be accepted directly into the personal wallets of employees or individual entrepreneurs, bypassing accounting and reporting

The interaction format depends on the terms of the agreement with the payment service and the service used.

Integration with payment services (WebPay, iPay, etc.)

The most popular payment services in Belarus for working with electronic money and Internet payments:

WebPay is a service that can accept bank cards and electronic money, including integration with EasyPay and banks
iPay is a gateway from Bank Reshenie that offers reliable and fast processing of payment forms
BePaid and ASSIST are alternative providers with an API for online stores and SaaS services

To connect, you must sign an agreement, pass moderation, integrate a payment form (via iframe, widget, or API), and comply with personal data protection and reporting requirements.

Restrictions on payments to employees or refunds

The legal norms in Belarus do not allow electronic money to be used to pay wages or other mandatory payments, bypassing the company’s current account. This is because:

Electronic money is not legally a full-fledged payment between an employer and an employee
Payroll accounting requires taxation and accounting
The employer must withhold and transfer taxes and contributions to the Social Security Fund, which is impossible when making payments directly with electronic money

There are also restrictions on refunds to customers if payments were made electronically: the refund must be made to the same payment system and, as a rule, to the same wallet or card from which the payment was made. This is important to consider when forming a refund policy.

Banking applications (MTBank, Priorbank, Belarusbank, etc. )

Almost every major bank in Belarus offers its mobile application, which allows you to:

Manage electronic wallets
Pay for services and goods
Internet, and utility balance
Use QR codes or NFC for cashless payments at retail outlets

The most popular are:

Prior Online (Priorbank) is a well-known banking application that supports QR payments and phone number transfers
MTBank M-Bank – allows you to work with prepaid cards and virtual funds, including integration with iPay services
Belarusbank mobile bank provides access to all functions, including payment for services, wallet replenishment, and working with Belarusbank cards

These applications are often integrated with ERIP, EasyPay systems, or payment services

EasyPay, WebPay, iPay services

Specialized payment services operating in Belarus play a key role in the development of electronic money and online payments:

EasyPay is one of the Republic of Belarus’s oldest and most widely used wallets. It allows individuals to pay for over 13,000 services, transfer funds, use virtual cards, and top up via ERIP
WebPay is a payment service primarily for businesses. It offers integration with websites, card and electronic money acceptance, fast connection, and technical support
iPay is a payment system created on the basis of Bank Reshenie. It is widely used in online stores, government services systems, and online registration services. It supports payment by bank cards and electronic means

Each of these services operates under the license and control of the National Bank, which ensures the reliability of transactions.

Belkart e-wallets

The BELKART payment system, as a national brand, is also actively developing the direction of electronic payments. Key feature:

The ability to create a virtual wallet linked to a Belkart card
Integration with mobile banking applications
Security and local processing of transactions within the country

BELKART actively promotes payment technologies, including payment by QR code, NFC terminals, and contactless cards.

Mobile payments and QR codes

Mobile payments are one of the fastest-growing segments. The use of QR codes has become standard in trade, government services, and transport

Payment by QR code is available in almost all banks and through ERIP
Scanning QR in a store allows you to pay for goods without physical contact with the terminal
Both individuals and businesses use QR codes to issue invoices to clients

NFC technologies (payment by phone, watch) are also actively used, especially with mobile banking and virtual cards.

Advantages and risks of using electronic money

Electronic money has become an integral part of everyday life. It pays for goods, services, government fees, fines, and other obligations. However, like any tool, it has obvious advantages and specific vulnerabilities. Understanding these aspects helps to use them effectively and safely.

Benefits of using electronic money

Speed and convenience

One of electronic money’s main advantages is the speed of payments. Payment occurs almost instantly in online stores and offline points with support for QR codes or NFC.

Additional benefits:

24/7 availability – you can pay for services or transfer funds anytime without visiting banks
Mobility – funds are managed via a smartphone, tablet, or computer
Wide range of applications – from housing and communal services and taxes to subscriptions and services on online platforms
Possibility of anonymous use within established limits

Security and data protection

Electronic money in Belarus is regulated by the National Bank, ensuring high reliability and transparency. All transactions are carried out through certified operators and banks that use encryption, multi-factor authentication, and security protocols.

Additionally:

Client funds are segregated from issuer funds.
Most services provide transaction notifications and protection against duplicate charges.
Your wallet may be blocked if you lose access or if there is a suspicion of fraud.

Risks: loss of access, theft of funds, technical failures

Despite the protection, the use of electronic money is associated with certain risks:

Loss of access to the wallet—If the phone, password, or SMS control is lost, the user may lose the ability to manage funds
Fraud—Phishing, malicious apps, or fake payment forms can lead to money theft
Technical failures —Temporary unavailability of the payment service, application freezes, delays in crediting funds
Limits and purpose restrictions—Amounts, limit anonymous transactions, and business payments require special settings and agreements

Risks are increased by using unofficial apps, public Wi-Fi networks, and unpatched software.

Tips for safe use

To minimize risks when using electronic money, it is essential to follow these recommendations:

Keep your access information secure: do not share PIN codes, passwords, or confirmation codes with third parties
Enable two-factor authentication in wallets and banking apps
Use only official applications of banks and operators, downloaded from the App Store or Google Play
Regularly update your devices and apps to stay up-to-date with the latest security features.
Do not click on suspicious links or enter data on unfamiliar sites

If you lose your device, contact your bank or payment service support immediately to block access.

Conclusion

Electronic money has become an integral part of Belarus’s financial infrastructure. It simplifies everyday payments, allows for efficient management of personal and corporate funds, accelerates business processes, and opens up new opportunities for online commerce. At the same time, it is essential to understand the specifics of use, comply with security rules, and consider existing restrictions to minimize risks and maintain control over finances.

The spex.by team, not only help IT companies form effective teams but also select optimal payment solutions, considering the specifics of the business, jurisdiction, and legal requirements. We are ready to become your reliable partner in the digital transformation of settlements.

How to contact us

For more information or advice on issues related to electronic money, do not hesitate to contact us. We are here to help and support you. 
Phone and email communication options are available for your convenience:

+375293664477 (WhatsApp/Telegram/Viber);
info@spex.by.