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IPFS News Link • Economy - International

Mastercard Is Really Worried About Putin's Plan For Russian Payment Cards

•, Tanya Agrawal
Putin, lashing back against U.S. and EU sanctions over the crisis in Ukraine, has said Russia needs its own card system to reduce its reliance on Western companies.

Russia's parliament passed legislation last week that would allow for the creation of domestic credit and debit cards as well as require Western card companies to pay a security deposit to operate in the country.

MasterCard and larger rival Visa Inc stopped providing services to some Russian banks after U.S. President Barack Obama imposed sanctions on Russia in March.
"There are provisions (in the legislation) there that I believe would create serious complications for the way that we can operate in (Russia)," MasterCard Chief Executive Ajay Banga said on a post-earnings call with analysts on Thursday.

1 Comments in Response to

Comment by PureTrust
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M-Pesa payment system out of Kenya, Africa, is touted as the most advanced money transfer system in the world. It is used in Kenya and Tanzania, and is spreading to other areas of Africa. Could be adopted by Russia rather easily.