Russia to launch its payment system in months

Well isn't this interesting.

The move by international payment systems Visa and MasterCard to block their use in Russia has unnerved some Russian businesses. Meanwhile, Moscow says its own national payment system may become fully operative within months.

Last week MasterCard and Visa stopped servicing some Russian banks, which shows the Russian market remains the monopoly of international operators.

Although the payment systems resumed operations with Russia’s SMP Bank on Sunday, it is estimated clients withdrew about $111 million from their accounts in just two days.

After years of rhetoric over the need to launch a domestic payment system in Russia, it may become a reality soon.

“The payment system PRO 100 is technologically ready to provide national processing in the near future. We estimate it will take a couple of months, as key Russian banks, that account for more than 40 percent of the market, are already linked to the PRO 100 payment system,” Andrey Nesterov, director of corporate communications at the Universal Electronic Card told RT.

Launched as a pilot in 2010, the project Universal electronic card provides for settlements of government, municipal and commercial services via Internet and self-service machines. The card’s electronic banking application is based on the payment system ‘Universal electronic card’, which has a logo PRO 100.

Four Russian banks are technically ready to use the Russian payment system – Sberbank, Uralsib, AK BARS and Moscow Industrial Bank.

RT - Business

It seems the russian banks have been preparing for this kind of thing for awhile now, the US introduces sanctions and they just make their own credit system. Well then. How long will it be until they drop the US dollar entirely. Keeping an eye on this because the power of the world is changing so it seems. For better or for worse remains to be seen

reply to post by AzureSky


So... The original moneymen won't have a hand in this?

Go team Russia once again.

s+f

reply to post by AzureSky


I think that the bottom line is that they don't respect the Obama administration. I think that Putin is a chess master, while Obama has been playing on and off for a few years.

brazenalderpadrescorpio
reply to post by AzureSky

 

I think that the bottom line is that they don't respect the Obama administration. I think that Putin is a chess master, while Obama has been playing on and off for a few years.

Obama is not even playing, he's on the golf course.

Sounds like a perfect example of "stumbling" across a government that is almost as lazy and useless as the "feral" government of the United States! The idea that Visa and Mastercard would could even be swayed for a femto-second to assist the current adminstration, King Oh-Boo-boo and and his band of Merry Lords and Ladies, makes me think that the people that run Visa and Mastercard are only SLIGHTLY less brain damaged than his majesty and his court! The only ting they did ws end up looking stupid, like our government does EVRY DAY! Glad the rooski's are building they're own credit card system! I can't wait to see the commercials, "Kremlin Express, never leave your gulag without it!" Should make a great superbowl ad! If the card ends up looking really cool, who knows, I just might get one myself. After all, trying to distinguish the commies in the Moscow from the commies in D.C. is becoming nearly impossible, and 100% predictable! Get down with your bd self rooski's! Your own credit card system? really? maybe you might come up with something really big next, like a space shuttle or a jane fonda! don't hold back !

reply to post by AzureSky

I am sure that the dollar will remain strong in the Russian black market.

Can we do that here in America? Maybe our government will find this is a lot better a system than the high priced institutions with their added costs here in America. Not only are the banks here making money off of us, they collect money from the stores which brings up the cost of all goods...the people pay more for what they buy.

I'm a little jealous, I remember when credit cards weren't used much and businesses hated them because they had to raise prices. Now businesses all raised their prices so the consumer is the one who pays.

brazenalderpadrescorpio
reply to post by AzureSky

 

I think that the bottom line is that they don't respect the Obama administration.

I don't think the Russians ever had much respect for any administration or for the the western world.

Good for them and to get away from this scam we have going on with the western banking system .

Its about time that we brits reintroduced the BRADBURY POUND and got rid of this gang of crooked banksters. Doubt if camoron and his pals will accept this idea and would rather keep us borrowing made up money from these crooks. I am a brit and I back the Russians 100% on this and their actions in regards to Crimea. If camoron and his pals want a fight then they should take up arms them selves and go over and set about Putin. Who would proberbly knack the whole lot of them by him self. But we know what will happen, instead they will send our children to die in their places. What a bunch of tossers we have in our govt. Obumbaclot is no better over the pond.
Lets not forget the co*k up they made before in that area. How does it go? Cannons to the left and cannons to the right? Onwards rode the brave 600? The elitest homosexual of the Light brigade, didnt want to be out done by his cousin? and led them into the fight. Doubt if camoron would do the same, at least the homo had the nerve to lead his men into the battle.

reply to post by AzureSky


Poor Ukraine ,although not having any money are going to be stuck with the USD .I wonder what the exchange rate will be to by their gas ?

reply to post by yeahsurexxx


Team Russia as you call it is in fact the Russian mafia. Make no mistake they run everything, including Putin, in Russia. Go there yourself and you'll see it first hand.

reply to post by AzureSky


We have one leader playing Chess while the other is playing checkers... Care to venture a guess at which is which?

reply to post by AzureSky


Erm......no...

Last week, after western sanctions against Russia expanded to include not only the first financial institution, Bank Rosiya, but also SMP bank whose main shareholders were on the sanctions list, unexpectedly both Visa and MasterCard halted providing transaction services to the two banks, without providing an explanation. Over the weekend, one of the banks got its full credit card functionality back after Visa Inc and MasterCard both resumed services for payment transactions for clients at Russia's SMP bank.

www.zerohedge.com...

Rainbows
Jane

jtma508
reply to post by yeahsurexxx

 

Team Russia as you call it is in fact the Russian mafia. Make no mistake they run everything, including Putin, in Russia. Go there yourself and you'll see it first hand.

I see your point.
Alltho this mafia has not put up hundreds of thousands of videocameras in my hometown.
This mafia did not lend my country huge amounts of no good/unpayable funds.

I still see your point

reply to post by AzureSky


I don't think the bankers will take too kindly to this type of action being taken, and that's "Putin" it mildly! LoL