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

Russia to create an alternative to Visa and MasterCard
21.09.2009 20:17
Russia to create an alternative to Visa and MasterCard

The Russian ministry of Finance is going to introduce a draft bill on the national payment system in November 2009, reports the Kommersant newspaper. At the moment a group of experts engaged in development of the payment card system is working on the document.
      
      The national payment system will probably be created on the basis of an existent Russian system in order to reduce dependence on the foreign market players.
      
      Interestingly, the first attempt to set up a national payment card system was made in 1993 by the Bank of Russia, but it failed. Later some private companies ventured at running their own systems of that kind but never succeeded. In 2005 the Central Bank of Russia claimed the all-Russian payment system will be based on Sberbank's Sberkart system, which was renamed into the United Russian Payment System (URPC) in 2008.
      
      Today, the major players on the Russian market are Visa and MasterCard accounting for more than 85% of all cards issued and transactions performed using payment cards. Besides, there are about 20 small payment systems operating in Russia, such as the URPS and Golden Crown (3% and 5% respectively).
      
      By the 1 September 2009 Sberbank had issued over 35 million payment cards (3.5 million URPS cards, while the rest is Visa and MasterCard).
      
      The truth is that Visa and MasterCard systems are already a part of the Russian market, while expenses on creation of a solely Russian payment system are huge.
      
      source:
      www.lenta.ru


Tags:      

Next Previous


You might also find interesting:

Malt Beer Became the Most Popular Product Exported from Moscow to China
24.03.2019
The Level of Competition in Russia Increased for the First Time during Four Years
23.04.2019
The Pessimism of Small Businesses has Grown Stronger in the First Half of 2019
23.12.2019
The AliExpress and Tmall Plan to Sell Limited Collections of Russian Designers
16.08.2019
The ED2 Accelerator has Launched the Fifth Enrolment of EdTech Startups
13.02.2020







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Shaltay Boltay  poll  Russian regions  Russian tourism  terrorism  travel to Russia  Russian history  Russian business  FIFA Russia 2018  Russian space exploration  Victory Day  Maria Yermolova  Gazprom  Pet Shop Boys  Russian opposition  Toy Map of Russia  Aleksei Tolstoi  Smoking in Russia  Russian fashion designer  Apollon Maykov  leading indicators  Novodevichy Cemetery  Festivals in Moscow  Tomsk Museums  Geoglyphs  Moscow  St. Petersburg  Bulgar  Gazprombank  Cosmoscow Art Festival  Ivan Grozny  Barack Obama  Russian gas  Ethnic Festivals  Kremlin  music  Mercedes-Benz Fashion Week Russia  Russian Cinema  elections in Russia  Russian poetesses  Exhibitions in Moscow  Spacecrafts  Archeology  Russian Poetry  aircraft  State Duma  federal military memorial  Russian winter  bicycle parking  Kalashnikov 


Travel Blogs
Top Traveling Sites