Russian Banks Are Looking to Switch to China’s Card Payment System
Seems like Visa and Master Card may fall a bit Monday opening.
Russian banks are planning a switch to China’s card payment system after Mastercard and Visa halted operations.
Russian banks could switch to using China’s card payment system, UnionPay, after MasterCard and Visa suspended operations in Russia, according to media reports.
Russia’s largest bank Sberbank announced it was looking at issuing cards using the UnionPay system in conjunction with Russia’s domestic Mir payments system, Bloomberg reported. Alfa Bank is already pushing ahead with plans to issue cards using UnionPay, while the newswire cited Tinkoff Bank as saying that it would issue cards with UnionPay as soon as possible.
The three banks did not immediately respond to Insider’s request for comment.
Visa, Mastercard, and American Express announced on March 5 and 6 that they would suspend operations in Russia as a result of Moscow’s decision to invade Ukraine. All three previously said that they had blocked certain Russian banks in an effort to comply with Western sanctions against the country.
Submitted March 13, 2022 at 05:21AM by Guilty-Ham
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