Russian banks will be able to use Chinese system after Visa and Mastercard leave the country

Get real time updates directly on you device, subscribe now.

Credit cards issued by Russian banks that use Visa and Mastercard payment systems will cease to work abroad after March 9, Russia’s central bank said on Sunday, adding that some local lenders will be able to turn to China’s UnionPay system.

Mastercard and Visa cards issued in Russia will be accepted in Russia until expiration, the bank said.

The overseas ban also applies to cards issued by local subsidiaries of foreign banks, the bank said.

The announcement came after US payment companies Visa and Mastercard said they were suspending operations in Russia, joining the list of companies cutting business ties with the country.

The central bank added that many Russian banks plan to issue cards using UnionPay, a system it said is enabled in 180 countries.

While several Russian banks already use UnionPay, others, including Sberbank and Tinkoff, may start issuing cards with Mir Pay, the Russian Central Bank’s payment system alongside UnionPay, he added.

Thousands of Russians, including tourists, are stranded abroad after many countries closed their airspace to Russian aircraft, while Russia retaliated with flight bans for many foreign airlines.

The central bank advised citizens currently abroad to withdraw cash before the ban took effect.

Source: CNN Brasil

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only