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Russian Banks Are Rushing To Use The Chinese Card System

Russian Banks Are Rushing To Use The Chinese Card System

Image Source: Business Insider Bangladesh

March 6 (Reuters) – Following the announcement by Visa and MasterCard that they would be ceasing operations in Russia, many Russian banks indicated on Sunday that they would soon begin issuing cards using the system of the Chinese UnionPay card operator in conjunction with Russia’s own Mir network.

Russian financial institutions, including Sberbank (SBER.MM), Russia’s largest lender, Alfa-Bank, and Tinkoff, made announcements about the transition to UnionPay on Sunday.

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