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:

The Highest Outflow of Foreign Money Recorded in Russia
12.04.2019
Russia will Transit to Electronic Employment Records in 2021
18.11.2018
The Decisions of Foreign Courts on Business Cases will Begin to be Executed in Russia
18.07.2019
Tinkoff Bank - the Best Online Retail Bank
11.11.2018
Running Small Businesses in Moscow and St. Petersburg is Becoming Less Profitable
23.04.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Mikhail Yefremov  Russia's Public Television  Altai Territory  Russian advertising  Aeroexpress  Moscow  timetable alterations  Russian tourism  St. Petersburg  Russian regions  Zaling  Fairs in Moscow  Chapiteau  Russian activists  Russian Historians  Exhibitions in Moscow  Olympic Games 2012  travel to Russia  Polina Gagarina  Russian airports  Russian business  Fedoskino  Tyumen State Academy of Culture, Arts and Social Technologies  Krasnoyarsk Economic Forum  Russian Arts and Crafts  Feminism  Street Art  mountain cluster  Jewish Autonomous Oblast  Golden Mask  Russian transport  Russian Bears  Russian drivers  public transport  Russian gas  Russian musicians  Lake Ladoga  Vologda  Russian brands  invest  Regional Cuisines  AAR  The All-Russian Exhibition Centre  Russian theatres  Rostov  Mercedes-Benz Fashion Week Russia  Russian Cinema  Festivals in Moscow  AvtoVAZ   Victory Day 


Travel Blogs
Top Traveling Sites