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This Law shall govern conditions and manner of providing payment services, electronic money, payment systems and supervision of the implementation of provisions of this Law.

For the purpose of this Law, certain terms shall have the following meaning:

1) payment transaction shall mean an act, initiated by the payer or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;

2) payment order shall mean any instruction by a payer or payee to its payment service provider requesting the execution of a payment transaction;

3) payment account shall mean an account held in the name of one or more payment service users which is used for the execution of payment transactions;

4) payment instrument shall mean any personalised device and/or a set of procedures agreed between the payment service user and the payment service provider and used by the payment service user in order to issue a payment order;

5) low-value payment instrument shall mean a payment instrument which, according to the payment services framework contract, solely concerns individual payment transactions not exceeding RSD 3,000, or which either have a spending limit up to a total of RSD 15,000, or the total value of funds stored in such payment instruments does not exceed RSD 15,000 at any time;

6) payment service user shall mean a natural person or legal entity that uses or was using a payment service in the capacity of a payer and/or payee or has turned to the payment service provider in order to make use of such services;

7) payer shall mean a natural person or legal entity that issues a payment order from its payment account or gives consent to execute a payment transaction based on the payment order issued by a payee, or, if there is no payment account, a natural person or legal entity that issues a payment order;

8) payee shall mean a natural person or legal entity designated as the recipient of funds subject to a payment transaction;

9) consumer shall mean a natural person entering into payment service contracts or contracts relating to electronic money for the purposes other than its business or other commercial activity;

10) entrepreneur shall mean a natural person other than a consumer, that is, a natural person with legal capacity that pursues a business activity with a view to obtaining revenue, in accordance with the law governing companies and other law;

11) funds shall mean cash, scriptural money and electronic money;

12) cash shall mean banknotes and coins;

13) electronic money shall mean electronically (including magnetically) stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of execution of payment transactions and which is accepted by a natural person or legal entity other than the electronic money issuer;

14) electronic money holder shall mean a natural person or legal entity to whom electronic money has been or is being issued, and/or a natural person or legal entity that has turned to the issuer for the purpose of issuing the money, as well as any other natural person or legal entity having a claim from item 13) of this paragraph;

15) business day shall mean a day, namely part of the day in which the relevant payment service provider of the payer or of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction to its payment service user;

16) value date shall mean a reference date, that is, reference time used by a payment service provider for the calculation of interest on funds debited from or credited to a payment account;

17) reference exchange rate shall mean the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source;

18) reference interest rate shall mean the interest rate which is used as the basis for calculating interest and which is publicly available, and is determined independently of the unilateral will of the payment service provider and user which have entered into a payment service contract;

19) unique identifier shall mean a combination of letters, numbers and/or symbols specified to the payment service user by the payment service provider to be used in a payment transaction to identify unambiguously the respective payment service user and/or its payment account;

20) means of distance communication shall refer to any means which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a payment service contract;

21) durable medium shall mean any instrument which enables the payment service user to store data addressed personally to it in a way accessible for future reference for a period of time adequate to the purposes of the data and which allows for the unchanged reproduction of the data stored;

22) national payment transaction shall mean a payment transaction in which the payer's payment service provider and payee's payment service provider provide the service within the territory of the Republic of Serbia;

23) international payment transaction shall mean a payment transaction in which one payment service provider provides the service in the territory of the Republic of Serbia, and the other payment service provider in the territory of a third country, as well as a payment transaction in which the same payment service provider provides the service in the territory of the Republic of Serbia for one payment service user, and in the territory of the third country for that same or other payment service user;

24) home state shall mean the state in which the head office of the legal entity is situated.

25) head office shall mean a place registered as the head office of a legal entity or, if the legal entity has, under its national law, no registered office, a place from which its business activities are managed;

26) host state shall mean the state other than the home state in which a legal entity provides services through a branch, other person or directly;

27) qualifying holding shall exist when one person has:

(1) direct or indirect right or possibility to exercise no less than 10% of voting rights in a legal entity, or direct or indirect ownership of at least 10% of capital of such legal entity, or

(2) the ability to effectively exercise significant influence over the management of other legal entity;

28) controlling holding shall exist when one person has:

(1) direct or indirect right or ability to exercise no less than 50% of voting rights in a legal entity, and/or direct or indirect ownership of at least 50% of capital of such legal entity, or

(2) the ability to elect and/or dismiss at least half of members of management bodies or supervisory bodies of such legal entity, or

(3) the ability to effectively exercise dominant influence over the management of other legal entity;

29) parent undertaking of a legal entity shall mean an undertaking with a controlling holding in such legal entity;

30) subsidiary of a legal entity shall mean an undertaking in which such legal entity has a controlling holding;

31) group of undertakings shall mean a group which consists of a parent undertaking and its subsidiaries, and legal entities in which the parent undertaking and/or its subsidiaries have a holding, as well as undertakings linked to each other by virtue of being managed on a unified basis;

32) undertakings linked to each other by virtue of being managed on a unified basis shall be undertakings not linked to each other on the basis of a parent undertaking and subsidiary, nor on the basis of a holding in capital within the meaning of item 31) of this paragraph, and they include:

(1) undertakings managed on a unified basis pursuant to a contract concluded between those undertakings or provisions of articles of incorporation or articles of association of those undertakings, or

(2) undertakings with the same persons making up the majority of management or supervisory bodies;

33) close links shall mean relationship between two or more legal entities and/or natural persons, where:

(1) one party has, a direct or through holding in a subsidiary indirect, right or ability to exercise no less than 20% of voting rights in a legal entity and/or ownership of at least 20% of capital of such legal entity,

(2) one party has a controlling holding in another legal entity,

(3) there is a permanent link of these parties with the same third person on the basis of controlling holding;

34) bank shall mean a bank with its head office in the Republic of Serbia licensed by the National Bank of Serbia in accordance with the law governing banks;

35) electronic money institution shall be a legal entity with its head office in the Republic of Serbia licensed by the National Bank of Serbia to issue electronic money in accordance with this Law;

36) payment institution shall be a legal entity with its head office in the Republic of Serbia licensed by the National Bank of Serbia to provide payment services as a payment institution in accordance with this Law;

37) payment system shall mean a system for the transfer of funds between its participants with written and standardised procedures and rules for the processing, netting and/or settlement of transfer orders, applied to all participants in the system;

38) passive interest rate shall mean the rate at which the interest is paid to the payment services user for the funds which are held on the payment account;

39) standing order shall mean the instruction which the payer gives to the payment services provider when having an open payment account for the execution of the approval transfer, in regular time intervals or on previously defined dates;

40) authorized or unauthorized overdraft facility shall bear the meaning set forth by the law governing the protection of financial services users;

41) legal residence in the Republic of Serbia shall mean the residence of a natural person in the Republic of Serbia in line with the regulations governing permanent and temporary residence of citizens, i.e. residence of foreigner nationals in line with the law on foreigners, including a foreigner staying in the Republic of Serbia in line with the law governing asylum and refugees or based on an international agreement;

42) change of the payment account shall mean the service which the provider of payment services provides to the user in line with Article 73j of this Law.

Provisions of this Law relating to legal entities as payment service users shall also apply to branches of foreign legal entities entered in the register of the competent authority in the Republic of Serbia.

Provisions of this Law shall apply to none of the following:

1) payment transactions made exclusively in cash directly between the payer and the payee;

2) payment transactions made through an agent licensed to negotiate or conclude contracts on the purchase and sale of goods or services on behalf and for the account of the payer or the payee;

3) transport of cash, including its collection, processing and delivery, carried out by economic entities in accordance with law;

4) payment transactions consisting of cash collection and delivery performed by persons that are not economic entities, within the framework of a non-profit or charitable activity;

5) services where cash is provided, immediately after the execution of a payment transaction, by the payee to the payer as part of a payment transaction relating to the payment of goods or services, at an explicit request by the payer, given just before the execution of such payment transaction;

6) exchange operations involving the purchase and sale of foreign cash for cash;

7) payment transactions based on any of the following paper documents:

(1) cheque in accordance with the law governing cheque,

(2) cheque regulated by foreign regulations, whose form and effect is similar to the cheque referred to in sub-item (1) of this item,

(3) voucher or other certificate which enables its holder to pay for goods or services with the issuer of the voucher or certificate, or with another person with whom the issuer has made an agreement regarding the receipt of the voucher or certificate as a means of payment for goods or services (e.g. gift certificates, food vouchers and other similar certificates),

(4) traveller's cheques,

(5) postal money order in accordance with regulations governing the provision of postal services;

8) payment transactions carried out between participants in the payment system or the securities settlement system, which are related to the participation in those systems, as well as payment transactions between payment system participants and a payment service provider outside the payment system;

9) payment transactions relating to the exercise of rights and fulfilment of obligations arising from financial instruments, including the payment of dividends and other payments, redemption or sale of securities - if such transactions are carried out by participants in the securities settlement system or other persons who, in accordance with regulations, provide investment services and/or custody services in relation to financial instruments of clients;

10) technical services which support the provision of payment services, including data processing, storage and protection, data and person authentication, provision of information technology and communications network related services, provision and maintenance of terminals and devices used for payment and other similar services - if the provider of the above services at no time enters into possession or disposes of the funds to be transferred;

11) payment transactions based on instruments used to pay for the purchase of goods and services only on the premises of the issuer of such instruments or, under a contract concluded with the issuer, either within a limited network of goods and service sellers or for a limited range of goods and services;

12) payment transactions executed by means of any telecommunication, digital or information technology device, where the goods or services purchased are delivered and used through such device, provided that the telecommunication, digital or information technology operator does not act only as an intermediary between the payment service user and the seller of such product or provider of such service;

13) payment transactions carried out between payment service providers, as well as payment transactions between payment service providers and their agents or branches, if executed for their own account;

14) payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, executed solely through a payment service provider belonging to the same group of undertakings;

15) services of cash withdrawal at automated teller machines, whose providers act in the name and for the account of one or more card issuers, on condition that these providers are not a party to the payment services framework contract with the customer withdrawing cash from a payment account, and on condition that they do not provide another payment service specified under this Law;

16) electronic money stored on instruments referred to in item 11) of this Article, and/or which is used in payment transactions stipulated under item 12) of this Article.

Notwithstanding provision of paragraph 1, item 7) of this Article, the provisions of Article 73a up to 73v shall also be applied to the payment transactions and documents referred therein.