Russian banks turn to Chinese network Union Pay

Russian banks turn to Chinese network Union Pay

To respond to the decision of the giants Visa and MasterCard To suspend their activities with Russia After military intervention UkraineRussian banks announced on Sunday that they were working to issue bank cards from a Chinese network Union p.

Russian Visa and MasterCard bank cards are no longer valid abroad, and cards issued abroad will no longer work in Russia, both companies announced on Saturday. In order for Russians to have payment cards abroad, Russian banks have announced that they are working to launch UnionPay cards, and the Russian Mir system will only work in a handful of countries around the world.

The Russian banking system collapsed due to economic sanctions

“Sberbank is working on the possibility of issuing co-branded Mir-Union Pay Cards. We will let you know about the issue schedule later, ”explained Russian Banking Region No. 1. “We are already working to issue Union Pay Cards, China’s national payment system. With this card you can make payments in 180 countries around the world, ”Alpha Bank said in a Telegram account. According to Russian news agencies, Rosebank, Tinkoff-Bank, Raiffeisen and MKB all indicated that they were working on the file.

Russia, especially its financial and banking sector, is targeting sanctions on an unprecedented scale after bringing in tens of thousands of troops with the aim of overthrowing the government in Ukraine.

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