REVIEW: Russian Banks Stick with Visa and MasterCard While Seeking Alternatives | Business | RIA Novosti:
"MOSCOW, April 9 (RIA Novosti), Nikita Alentyev – Russian banks are reluctant to immediately divorce themselves from the Visa and MasterCard payment systems, but many are already looking into domestic and Asian alternatives.
Russian banks welcomed plans to establish a national card payment processing system, following the recent Ukraine-related sanctions that saw several Russian banks denied services by Visa and MasterCard. The move alarmed the general public and raised concerns about the security of the country’s financial system.
The current legal definition of a national payment system as a countrywide aggregate of payment agents and operations is too broad. A draft law offering a closed-loop for payment infrastructure and information has been submitted to the Russian parliament in light of the card service disruptions initiated by the West."
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