Putin reacts to sanctions with plans to develop domestic card payment system
Putin Card games: Putin responds to sanctions with plans to build up domestic card payment system
The Kremlin really wants to put up a Russian charge card program to lessen a reliance on Western-based organizations and in reaction to US and European sanctions over Crimea.
That uses MasterCard and Visa stopped processing payment transactions for customers at some Russian banks under under US sanctions.
On Thursday, President Vladimir Putin told senior Russian lawmakers throughout a conference on adding the Crimea area the american charge card companies are now actually hurting their very own interests:
Referring obliquely towards the sanctions, Putin said: “It is truly too-bad that particular businesses have made the decision about some well-known limitations. I believe this can just lead them to drop specific sectors of the market – an extremely lucrative market. Well, this isn’t our choice. We’ve to safeguard our interests, and we is going to do it.”
The Crimea conflict has caused Moscow to consider methods to reduce dependence on the Northwest.
Russian bank officials said a home-grown payment card system might be up and running within six-month.
However, it’d not be recognized outside Russia limiting its use for all those traveling abroad.
But many Russians won’t worry by charge card limitations whilst the majority of deals in the united states have been in cash or with money. In a nation of 143 million you will find only 30 million charge cards being used based on figures published by Euromonitor International.