Russian banks plan to issue China-linked payment cards: Tass

People stand in line to withdraw U.S. dollars and euros from an ATM in St. Petersburg, Russia, Feb. 25, 2022. (AP File Photo)

by Anadolu Agency

Mar 07, 2022 10:32 am

Some Russian banks are planning to issue payment cards linked to China's payment system, according to a report by Russian state-owned news agency Tass.

The plan aims to link Russia's Mir and China's UnionPay systems to provide payment options for purchases and cash withdrawals abroad, the report said Sunday.

Some Russian banks already operate China's UnionPay payment system, including Rosselkhozbank, Pochta Bank, Gazprombank, Bank St. Petersburg, Promsvyazbank, Russian Regional Development Bank, Primsotsbank, Zenit and Sovcombank, it added.

Sberbank, Alfa Bank and Tinkoff Bank are among the Russian banks considering the plan, according to Tass.

Founded in 2002, China's international payment system UnionPay's cards are used in 180 countries, surpassing Visa and Mastercard in total value of payments made by customers in 2015 to become the world's largest card payment processing organization.

Visa, Mastercard and American Express announced over the weekend suspension of their operations in Russia.