Russian banks may issue cards with China's UnionPay as Visa, Mastercard cut links

[beijingwalker]

Russian banks may issue cards with China's UnionPay as Visa, Mastercard cut links​

Reuters
March 6, 20229:10 PM GMT+8

LONDON, March 6 (Reuters) - 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.

Its announcement came after U.S. payments firms Visa Inc (V.N) and Mastercard Inc said they were suspending operations in Russia, joining the list of companies that are severing business links with Russia. read more .

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

While several Russian banks already use UnionPay, others including Sberbank (SBER.MM) and Tinkoff could start issuing cards co-badging Russia's domestic Mir payments system with UnionPay, it added.

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

The central bank advised citizens currently overseas, to withdraw cash before the ban came into force

Russian banks may issue cards with China's UnionPay as Visa, Mastercard cut links

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.

www.reuters.com

 

[beijingwalker]

Exellent initiative to integrate Russia into the Chinese financial and banking system.

 

[beijingwalker]

Several Russian banks to start issuing cards using Chinese UnionPay​

REUTERS
Sun Mar 6, 2022 04:18 PM

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.

Announcements regarding the switch to UnionPay came on Sunday from Sberbank (SBER.MM), Russia's biggest lender, as well as Alfa Bank and Tinkoff.

Several Russian banks to start issuing cards using Chinese UnionPay

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.

www.thedailystar.net

 

[Tshering22]

VISA is going to lament losing out on a market of 145 million people. Sure, a lot of them are not adults or are too old, and Russia is going to suffer a bit right now, but soon, the markets will normalize and new companies will replace everyone that moved out of Russia.

The only place where Russia will struggle would be figuring out an OS to replace Microsoft and Apple.

 

[beijingwalker]

Cutting out the nose to spite the face

 

[Abdul Rehman Majeed]

VISA is going to lament losing out on a market of 145 million people. Sure, a lot of them are not adults or are too old, and Russia is going to suffer a bit right now, but soon, the markets will normalize and new companies will replace everyone that moved out of Russia.

The only place where Russia will struggle would be figuring out an OS to replace Microsoft and Apple.

Move everything to LINUX.

 

[Tshering22]

Move everything to LINUX.

LINUX isn't going to be so easy to move to. It can be an interim shift but Russia will have to find an alternate.

 

[K_Bin_W]

Exellent initiative to integrate Russia into the Chinese financial and banking system.

Pak should do the same after all China is a giant economy

 

[gambit]

Exellent initiative to integrate Russia into the Chinese financial and banking system.

It actually mean an excellent way to integrate Russia into China's BURDEN. All those Russian oligarchs? Go and find out each worth, then subtract 1/2 and that is theirs. The other 1/2 belongs to Poutine. That mean Poutine will China's until he die or China get rid of him for being so troublesome.

 

[beijingwalker]

It actually mean an excellent way to integrate Russia into China's BURDEN. All those Russian oligarchs? Go and find out each worth, then subtract 1/2 and that is theirs. The other 1/2 belongs to Poutine. That mean Poutine will China's until he die or China get rid of him for being so troublesome.

I don't know in US, but in China more money is never a burden.

 

[gambit]

I don't know in US, but in China more money is never a burden.

It is not just about Poutine. If you want to make Russia your b!tch, you will have to take on Russia's debts, businesses, inefficiencies, and especially corruption. Those anti-corruption drive Xi had? They were meaningless as Xi used that cover to get rid of political rivals and quash nascent threats. But with Russia as a burden, you will compound your corruption because Poutine and his oligarchs know nothing else. All those countries in that pathetic short list who supported Russia? They will not be there to help China. They DO NOT want to help China. You will be alone in dealing with Poutine.

 

[beijingwalker]

It is not just about Poutine. If you want to make Russia your b!tch, you will have to take on Russia's debts, businesses, inefficiencies, and especially corruption. Those anti-corruption drive Xi had? They were meaningless as Xi used that cover to get rid of political rivals and quash nascent threats. But with Russia as a burden, you will compound your corruption because Poutine and his oligarchs know nothing else. All those countries in that pathetic short list who supported Russia? They will not be there to help China. They DO NOT want to help China. You will be alone in dealing with Poutine.

Lol, keep cool, if Russia likes to pool its money and resources China bound, how can we say no. Russia has everything China needs, isn't it god sent?

 

[gambit]

Lol, keep cool, if Russia likes to pool its money and resources China bound, how can we say no. Russia has everything China needs, isn't it god sent?

You should do a keywords search 'putin harry potter'. Basically, Poutine tried to sue Warner because a CGI movie character seemed to 'look like' him. Kinda like Xi and the Pooh Bear. So as far as being thin skinned, Xi and Poutine are made for each other.

 

[beijingwalker]

You should do a keywords search 'putin harry potter'. Basically, Poutine tried to sue Warner because a CGI movie character seemed to 'look like' him. Kinda like Xi and the Pooh Bear. So as far as being thin skinned, Xi and Poutine are made for each other.

This thread is about Russia joining the Chinese banking system, post your unrelated spiteful personal insults somewhere else.

 

[gambit]

This thread is about Russia joining the Chinese banking system, post your unrelated spiteful personal insults somewhere else.

So when you guys make fun of US presidents, it is related to the topic. Got it...