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:

Shadow Sector Salaries in Russia
14.10.2019
The Fitch Ratings Agency Confirmed Russias Investment Rating at BBB Level
25.02.2019
About 16 Thousand Foreign Tourists Visited St. Petersburg and the Leningrad Oblast through Electronic Visas
30.11.2019
American Retailer Acquired 25% of Familia Store Chain
25.11.2019
Seven Russian Companies Got into the Top 500 of the Global 2000 Ranking: The Worlds Best Employers by Forbes
28.11.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
synchrotron   Tretyakov Gallery  Climate Forum  St. Petersburg  Russian regions  Kaluga Region  Russia in space  Solovki  tourist destinations  investment  Russian tourism  Far East  Arkhangelsk region  Gambling Zone  Domodedovo  Seal  Leonid Yuzefovich  Exhibitions in Moscow  Russian-US relations  Russian business  Manege Central Exhibition Hall  Mercedes-Benz Fashion Week Russia  Street Art  Rome  Kuzbass   Russian Metro  Gravitation Waves  Russian politicians  Moscow actions  Russian religions  helicopter tours  Republic of Tatarstan  Kostroma region  Treatment   Russian cuisine  aircraft  Konstantin Simonov  Kamchatka  Russia-Latvia  Festivals in Moscow  Russian trade  Moscow  Russian tourists  forum  travel to Russia  Russian directors  Russian Cinema  Kropotkin  Russian Premier League  ROSCOSMOS 


Travel Blogs
Top Traveling Sites