1st national payment card to be launched in Dec – Russian Central Bank

Author: us-russia
Comments: 0
1st national payment card to be launched in Dec – Russian Central Bank
Published 25-05-2015, 16:32
Russia’s national payment card will come into operation by the end of the year, said Central Bank Deputy Chairman Olga Skorobogatova. It’s to ensure smooth electronic transactions in Russia hit by Western sanctions in 2014.

The card will also operate abroad within a year, she said.

"We plan that the national payment card will work in co-branding with four payment systems - Chinese UnionPay, Japan’s JCB and with international payment cards Visa and MasterCard,” Skorobogatova was cited as saying. She added that negotiations are underway with the countries of the Eurasian Economic Community, which are discussing options for cooperation of national payment systems.

The first nationwide payment card is aimed to protect Russian cardholders and provide with constant payment transactions within the country. Outside the country it will be served by international systems,Skorobogatova said.

Some 210 million plastic bank cards have been already issued in Russia, far exceeding the population. By 2018, domestic cards will take 50-60 percent on the Russian market, according to the head of National Card Payment system Vladimir Komlev.

Last year, Russian President Vladimir Putin signed a law to establish national payment card system (NPCS) after both Visa and MasterCard stopped servicing a number of Russian banks which came under US sanctions regarding Moscow’s position over the Ukraine crisis. Russian authorities also decided to establish a national payment card which would not operate only internally, but also abroad.

Visa and MasterCard later signed an agreement to carry out card transactions via the NPCS processing center and settling through the Bank of Russia.

Visa and MasterCard currently dominate the Russian market. In 2014, Visa’s market share in Russia reached 60 percent, whereas MasterCard’s was 35 percent.

 

Russia Today

Comments: 0
Experts' Panel
Are the U.S. and Russia...
The Sunday, February 24 edition of Russian state television’s...
Are the U.S. and Russia...
Top
popular in the journal
RUSSIAN FEDERATION SITREP 14 MAY...

RUSSIAN FEDERATION SITREP 14 MAY...

RUSSIA AND COVID. Today’s numbers: total cases: 250K; total deaths: 2305; tests per 1 million: 42K.Russia has done six million tests (second after USA); among ...
More than a thousand people in 40...

More than a thousand people in 40...

On April 24, more than 1,000 people in 40 countries were able to watch the live broadcast of the International Space Bridge dedicated to the 75th anniversary of the Elbe ...
Victory in Europe Day: These...

Victory in Europe Day: These...

From Coca-Cola to Nestle, some of the most iconic American brands eagerly took part in the Nazi experiment.
Чья Победа?

Чья Победа?

Андрей Шитов — о том, почему в мире не утихают "войны памяти"
Workshop “Women in nuclear sphere”.

Workshop “Women in nuclear sphere”.

The international center for public diplomacy IIR NRNU MEPHI in partnership with the International scientific and methodical center NRNU MEPhI invite you to join the ...