Russia launches payment processor working with UnionPay

8 November 2016

According to the latest information, Russian Federation is developing a new project for compatible payment system between its financial institutions and China in a move to avoid further risks related to the sanctions from the Western countries. In an interview with the Prime Minister of Russia Dmitry Medvedev it was learned that Russia has made the national payment system to decrease its reliance on such payment gateways as Visa and Mastercard, which after sanctions on the nation recalled its services to one of the banks in Russia.

In a move to prevent the relapse of the similar sanctions on the financial system of the nation Russia is partnering with China to find better options for international transactions and make the new national payment gateway compatible with Chinese infrastructure. The new Russian payment processing provider will be called Mir and it will be supposedly working with Chinese UnionPay payment processor.

According to Medvedev Russia is working over the harmonization of the national payment processing systems with China’s UnionPay while it is preparing to launch its own payment cards to be known as Mir card.

As the European leaders are threatening to impose further sanctions on the Russian economy, if Russia fails to abstain from escalating the situation, the country is making its efforts to avoid the shock on its industries, including the quit from strong reliance on SWIFT.

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