Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator’s system coupled with Russia’s own Mir network, after Visa and MasterCard said they were suspending operations in Russia, according to Reuters.
Announcements regarding the switch to UnionPay came on Sunday from Sberbank, Russia’s biggest lender, as well as Alfa Bank and Tinkoff.
Credit cards issued by Russian banks using the Visa and Mastercard payment systems will stop functioning overseas after March 9, Russia’s central bank said on Sunday, adding that some local lenders would look to use China’s UnionPay system instead.
Russian-issued Mastercard and Visa cards would be accepted within Russia until their expiry, the bank said.
The overseas ban also applies to cards issued by local subsidiaries of foreign banks, the bank said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
