22 August 2017
visit www.avoka.com

Russia wants to make new payments system compatible with China

04 November 2016  |  6969 views  |  0 Moscow, Russia

Russia's prime minister, Dmitry Medvedev, says he wants to make the country's new payments system compatible with China's UnionPay as a way to guard against Western sanctions.

Earlier this year Russia launched its Mir national payments card at the behest of President Vladimir Putin in response to US and EU sanctions over the annexation of Crimea, which saw MasterCard and Visa cut off services to several of the country's banks.

In an interview with China Central Television, quoted by Reuters, Medvedev says: "We are currently considering ways of harmonizing our national payments system; both the card that we are going to issue, the Mir card, on the one hand, and the UnionPay system, on the other hand. We believe that this would enhance the reliability of financial settlements."

Medvedev says that the compatibility would reduce Russia's reliance on Western-dominated payment systems such as Swift.

"In this respect, this kind of cooperation is very useful because in this situation no one will be able to block the development of financial traffic. I believe that the use of the yuan in mutual settlements, the use of positions opened in yuan and rubles, mutual financial transaction technologies, and the use of co-branding cards - all of this is very useful for our countries."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Putin adviser calls bitcoin a virus

Putin adviser calls bitcoin a virus

31 March 2016  |  10325 views  |  0 comments | 9 tweets | 10 linkedin
Russian central bank issues new payment cards to take on Visa and MasterCard

Russian central bank issues new payment cards to take on Visa and MasterCard

18 December 2015  |  14889 views  |  4 comments | 26 tweets | 29 linkedin
PayPal cuts off Crimea; MasterCard opens up to Cuba

PayPal cuts off Crimea; MasterCard opens up to Cuba

23 January 2015  |  13055 views  |  0 comments | 5 tweets | 2 linkedin
MasterCard agrees Russian processing deal

MasterCard agrees Russian processing deal

12 January 2015  |  6817 views  |  0 comments | 9 tweets | 9 linkedin
Russia's National Payment System gears up for pilot

Russia's National Payment System gears up for pilot

09 December 2014  |  8619 views  |  0 comments | 9 tweets | 11 linkedin
Swift bemoans pressure to cut off Russia and Israel from network

Swift bemoans pressure to cut off Russia and Israel from network

06 October 2014  |  6374 views  |  1 comments | 3 tweets | 2 linkedin
Swift baulks at EU resolution on Russian expulsion

Swift baulks at EU resolution on Russian expulsion

19 September 2014  |  10312 views  |  0 comments | 10 tweets | 13 linkedin
MasterCard seeks Russian processor

MasterCard seeks Russian processor

17 June 2014  |  6208 views  |  0 comments | 2 tweets | 3 linkedin
Russia frees jailed card exec to build national payment system - report

Russia frees jailed card exec to build national payment system - report

04 June 2014  |  8453 views  |  4 comments | 10 tweets | 13 linkedin
Putin vows to build Russian rival to Visa and MasterCard

Putin vows to build Russian rival to Visa and MasterCard

27 March 2014  |  17207 views  |  14 comments | 30 tweets | 16 linkedin
Visa and MasterCard cut off Russia's sanctions-hit SMP Bank

Visa and MasterCard cut off Russia's sanctions-hit SMP Bank

21 March 2014  |  6909 views  |  5 comments | 6 tweets | 6 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comdownload the paper now

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11679 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10050 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9736 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9449 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9429 views comments | 10 tweets | 8 linkedin