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
http://www.aif.ru/money/economy/1130692

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:

The Vkusvill Chain of Stores is Discussing the Possibility of an IPO
08.02.2019
The Russian Direct Investment Fund will Invest in Artificial Intelligence
31.05.2019
All Stores in Russia may be Obliged to Accept Bank Cards
18.02.2019
The Number of Catering Establishments Continued to Grow in 2018
24.02.2019
The Date of Launch of the Power of Siberia Became Known
25.02.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Geliy Korzhev  Semyon Dezhnyov  Russian regions  Far East  Underground Art  Russian Museums   cats  Russian beaches  Leonid Brezhnev  Suzdal  South Park  Old Ornaments  Fedor Dubovitskij  Russian Museum  Klyuchevskoy Volcano  shopping in St. Petersburg  Russian Cinema  Vladimir Vysotsky  Karachay-Cherkessia  meldonium  Pskov airport  St. Petersburg sights  Uralsib   Konstantin Khabensky  Festivals in Moscow  Kremlin  Russian academy of sciences  Romanovs  Aeroexpress  Moscow Metro  Chebarkul   Exhibitions in Moscow  Russian transport  Tourist Information enter  Balalaika  Mercedes-Benz Fashion Week Russia  Moscow  St. Petersburg  English-speaking  Pancakes   New Medicines  Russian universities  ALEXANDR ROGOV  Russian tourism  Russian business  Tver region  travel to Russia  Kirov Region  physics  Alisher Usmanov 


Travel Blogs
Top Traveling Sites