Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russian Parliament Approves Creation of Russian Card Payment System
5.05.2014 13:43
Russian Parliament Approves Creation of Russian Card Payment System

At the end of April, Russian senators approved a bill establishing a national card payment system (NCPS) at a session of the Federation Council. In particular, it has been agreed to make the ruble sign the official mark for the new system, which will be formed by the Central Bank of Russia.

      The new law also provides for the stiff requirements for payment system operators with clearing and settlement centers outside Russia. In particular, the law obliges foreign payment systems starting July 1 to make quarterly contributions to a special account in the Bank of Russia in the amount of 25% of the average daily turnover. In addition, penalties are introduced for operators of payment systems for unilateral termination of customer service.

      The system would be organized as a joint stock company with 100 percent of the shares owned by the Central Bank. The regulator will retain full control over the clearinghouse for two years after the launch of the system, at which time the Bank of Russia will have the right to sell shares, but buyers cannot accumulate more than a 10 percent stake.

      According to Central Bank estimates, the creation of infrastructure for the launch of the NCPS may take up to six months, however, the distribution of these cards to the public could take up to two years.

      The desicion to create a national card payment system came to Russian politicians after several Russian banks had lost ability to operate with Visa and MasterCard credit cards because of recent Ukraine-related sanctions.

Author: Julia Alieva

Tags: National Card Payment System Russian banks sanctions credit cards  

Next Previous

You might also find interesting:

Comment on our site

RSS   twitter      submit

Russian economy  St. Petersburg  Aleksandra Exter  Russian tourism  Lyudmila Kasatkina  All Events  Russian trade  Prokofiev Museum  Lake Teletskoye  rise in prices  Russian musicians  Russian Lakes  Russian scientists  Iversky Monastery  Mercedes-Benz Fashion Week Russia  Graphic Art  Ecotourism  Russian sport  Dagestan  Soviet Animation  Valentin Pikul  Festivals in Saint Petersburg  Concerts in Moscow  Parliament in Action  report  Amur Region  Russian libraries  Russian Cinema  International space station  Russian Film Directors  free entrance  State Duma  Mikhail Bulgakov  coronavirus  Exhibitions in Moscow  3D Mapping  Russian business  Moscow  buy Russian dress  Tver region  Russian science  Festivals of St. Petersburg  Epiphany  Nikolay Borodachev  biology  Modern Art  Holocaust  Andrey Krupinin  David Borovskii  Festival "Parts of the World" 

Travel Blogs
Top Traveling Sites