Monday, August 18, 2014

Russians Looks to China Union Pay as Alternative to Visa and MasterCard

Thanks to the Western Sanctions on Russia.  After the two American credit system payment companies froze accounts without notice in March, Russians looks to China UnionPay as alternative.
China UnionPay plans to have 2 million cards in Russia in the next three years.
Russia’s biggest banks - VTB- Gazprombank, Promsvyazbank, Alfa Bank, MTS, and Rosbank- are already making technical preparations, running tests on Union Bank cards.

Visa and MasterCard have 100 percent trust, but right now, there is no trust in the system, and many, even our clients, have shifted their transactions from American dollar and Euro to Yuan. They are eager to receive this card- we already have a big list of people waiting to get this card instead of MasterCard and Visa,” Denis Fonov, Deputy Chairman at LightBank, a small Moscow-based bank, told RT.

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