Russian banks rush to switch to Chinese card system
BI Desk || BusinessInsider
Published: 19:26, 6 March 2022
Russian banks rush to switch to Chinese card system. Photo: Collected
Several Russian banks said they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia’s own Mir network.
The decision came on Sunday after Visa and MasterCard said they were suspending operations in Russia, reports Reuters.
Announcements regarding the switch to UnionPay came from Sberbank (SBER.MM), Russia's biggest lender, as well as Alfa Bank and Tinkoff.
