By Andrei Skvarsky.
President Vladimir Putin confirmed last week that Russia plans to set up its own card payment system next year to prevent potential further anti-Russian sanctions from causing Russians problems with the use of Visa or MasterCard.
“There already exist mechanisms making it possible to use plastic cards from leading payment systems in operations on the territory of the Russian Federation even if Russian banks are disconnected from those systems,” Putin told the “Russia Calling!” annual investment forum in Moscow hosted by VTB Capital, the investment arm of Russia’s second biggest lender VTB.
However, “during 2015, a national payment card system will be set up with an infrastructure that is independent of international systems – a single operating centre and national payment mechanisms”, he said. “It must guarantee security and confidentiality for payments by our fellow citizens.”
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