Russia will develop own card payment system to avoid Visa/Mastercard
 

http://www.reuters.com/article/2014/...A2Q0TU20140327

"(Reuters) - President Vladimir Putin said on Thursday that Russia would develop its own credit card system to reduce reliance on Western-based companies and soften the potential blow from U.S. and EU sanctions.

Putin voiced his support for plans described by senior officials to create a domestic-based system in response to restrictions placed on Russian banks last week by Visa and MasterCard, which are widely use by Russians.

"We certainly must do this, and we will do it," Putin told senior Russian lawmakers during a meeting that mainly focused on efforts to integrate the Crimea region after he signed legislation to make it part of Russia last week.


Visa and MasterCard last week stopped providing services for payment transactions for clients at Bank Rossiya, under U.S. sanctions over what the West says is Russia's illegal annexation of Crimea from Ukraine.

The two payment systems also suspended services for clients at several other banks whose shareholders are on the U.S. sanctions list. They resumed services after the U.S. government said this did not mean the banks were subject to sanctions.

"It is really too bad that certain companies have decided on ... restrictions," Putin said, without naming Visa or MasterCard. "I think this will simply cause them to lose certain segments of the market - a very profitable market."

Russia has been largely integrated into the global economy since the 1991 collapse of the communist Soviet Union, but the biggest confrontation since the Cold War has led officials to look for ways to reduce reliance on the West.

After hitting Russian officials and lawmakers with visa bans and asset freezes over the annexation of Crimea, the United States and European Union are threatening measures affecting entire economic sectors if Russia escalates the crisis.

Western states have emphasised they do not recognise Crimea as being part of Russia, but Putin - his popularity boosted by the acquisition - has pressed ahead with steps to integrate the Black Sea Peninsula.

"We must do everything as swiftly as possible so that those who live in Crimea ... feel like fully-fledged citizens of the Russian Federation," Putin told the senior lawmakers.

Crimeans voted to secede from Ukraine and join Russia in a March 16 referendum dismissed as a sham by Western governments which say it violated Ukraine's constitution and was held only after Russian forces seized control of the Black Sea peninsula."

http://www.reuters.com/article/2014/...A2Q0TU20140327

The sanctions will last for years and years, that will be the legacy of Putin :1orglaugh

In the long run the russian economy will be affected.

This is going to fuck him in a long term. I wonder how many millions will be spent on this company and how much will be stolen?

Russia does not need to set much up if they don't want to because China has their own payment system that Russia could plug into.

No more money to Visa/Mastercard profits.

I know of many countries that have their own payment systems based on the same technology. It is not so complicated to create one, having in mind that this technology is couple of decades old. You can use the similar cards as VISA/Master and upgrade the ATM software to recognize which payment card is used.

Well on the Visa note...did you guys here about this?
"Wal-Mart Sues Visa For $5 Billion For Rigging Card Swipe Fees"

Right now my payment processor is CCBill and it pisses me off every year when I have to fork out the $500 to Visa so that I can take payments with them. Now MasterCard has jumped on that bandwagon for ANOTHER $500 per year! Yes, I know they say it is because the Adult Industry is high risk for them but I say that's crap. They do it because they can.

so much,...probably few days of revenue from oil export :) Or they will just increase price of Gas for EU ,to compensate.

I think the rest of the world NEEDS to stop letting the United States Govt. boss them around like children.
We invade and the occupy complete foreign countries.
Russia takes back a section that is full of Russian speaking Russians and we stick our nose in it and start shit.

It's ridiculous. Especially at a time when the world economy sucks.

But the guys in Washington D.C. think that they can boss everybody around.

It's that kind of thinking that has us living in fear of terrorism. And if Washington, D.C. keeps on bullying every other country in the world & sticking our nose in everyone's business, it's going to come back and bite us in the ass again.

but still they can use it outside russia because you need to spreed that around globe, and how the fuck they dont have it already? even my shit country have local cards...

If I remember good, card are reenabled only one day after that info. They figured out what kind of loss would it be. Also, it is strange that Russia already don't have own card system? Maybe they didn't give a fuck until now.

Having their own card won't solve any issues outside of Russia. The card likely won't be accepted anywhere outside of Russia meaning any Russians hoping to travel will have to carry cash. Much worse anyone wanting to visit Russia will not be able to use Visa or MC which will hurt Russian tourism..

Honestly Putin has won a very short term gain, but he has set Russia back for many many years.,

There is a slight difference Robbie.. While I didn't agree with invading Iraq, the US did not invade Iraq and try to make Iraq become the 51st state. We took over their country be it right or wrong, but we set up a new govt and they were able to go their own way. Yes the US still has some influence but we are not pulling the strings as evident by many of Iraq's decisions that were against what the US wanted.

Russia on the other had has invaded a country and made a chunk of that country theirs. Along with doing so they stole a shitload of assets of Ukraine including about 80% of it's Navy a large portion of it's Air force and shitloads of govt property..

When the US invaded Iraq we didn't take all their shit, we handed the country over to a new govt.

I disagree crockett.

We occupied Iraq for how many years? And why?

The Ukraine was part of the Soviet Union. The people in Crimea WANT to be Russian. Most of them were born as Soviets. They speak Russian, etc.

My real point is: The United States has no reason to stick it's nose in there.

We run around commanding other countries to do what we say:
Whether it's causing problems in South America, Asia, The Middle East, or now Russia...the U.S. federal govt. has made us the most hated nation in the world. :(

:2 cents: Amen.

:1orglaugh:1orglaugh:1orglaugh

no you just destroyed their shit for decades and decades to come and installed a pupet/blackwater government where preferred individuals close to the US government make BILLIONS in "Rebuilding" iraq that you bombed to shit in the first place over fucking lies about WMD and "Safety of americans" LOLOLOL

define comedy: an american complaining about some other country invading some other country :1orglaugh:1orglaugh:1orglaugh comedy does not get better than this LOL

+1 :thumbsup

If they want to be Russians they should go to Russia to live.

http://en.wikipedia.org/wiki/Budapes...ity_Assurances


Can you imagine what the world might look like if the US kept to itself.

You admit it was an invasion, that means Russia violated the terms of the Budapest Memorandum and left itself open to other signatories involvement and sanctions.

So Russia, by your own admission, is to blame for the entire Ukraine issue. Russia was the aggressor, they violated all kinds of world agreements, and deserve to be isolated from the global economic community.


Well I am glad we finally got that settled.

There's a "Skeeter" on some "PETER" whack him off!

A much better place :2 cents:

You didn't see me say that I thought we should stick our nose in there.. I said that Iraq and Ukraine are two different things and are no way the same. We are not controlling Iraq.. We have some input but it's about it, the Iraqis are able to say fuck you if they like. It might mean we stop giving them aide but we aren't gonna take their country away.

Russia isn't going to occupy Crimea for a few years and hand it over, they stole part of a sovereign govt's land and they aren't about to turn it back over.. Ask Chechnya how that is working out for them.. Russia isn't gonna hold a open vote and allow them to do what they want? Yea....when far Russian women fly...

Also Crimera was actually part of the Ottoman Empire.. It's not like it's always been Russian...

While I agree with the sentiment, I think this particular situation calls for more analysis - maybe you are only seeing the "US does this, US says that" analysis on TV without reasons why Europe is silent on this.
Much of Europe depends on Russian gas - has done for a long time. If Europe went in with all guns blazing, then Russia would (rightly) cut off Europe from (or at least hike prices enormously with) its gas. The US has FA to do with Russian gas, so is being the front man to do all the talking.

If troops go on the ground (like it looks like they already are), it'll be UN troops not US.

This will never be a US-led war (never was), but more of a big pissing match for who gets the rights to Ukraine (East vs West). Ask why the Russian govt actually intervened, just when a pro-Russian govt gave way to a pro-euro interim govt?

Ukraine has always been pissing territory between east and west and it looks like history is again repeating itself - the US is just playing the Voice.

DO you actually believe that? Do you honestly believe that such a capitalistic country like the US would spend billions upon billions of $ just to "free" a non-capitalistic country like Iraq and then say, "cheers, we're out of here"

Iraq is 100% controlled by the US in its new govt and don't try to say otherwise.

Waiting for the news that the fee for MasterCard & Visa processing for high-risk merchants (us basically) will be going up...

But you don't care to acknowledge my other comments comrade, why is that?

If you do not like the US so much why don't you return to the motherland instead of enjoying the economy and liberties here in the US?

I am sure your answer will be entertaining, please do allow me time to retrieve a beverage and some popcorn.

Well said....... actually the China payment system is a big deal, they should try and go with that or use that as a model or maybe turn QIWI into something like that.

They have said that they will start using china's UnionPay (probably until they develop their own solution)...

i want one :)

Russia will develop it's own credit card system? That's fucking funny. Putin just got billions of dollars richer.

You think America is corrupt? We're amateurs at corruption compared to Russia. Someone will be skimming their ass off.

I heard they are going to call it PutinPay. In mother Russia PutinPay You!

And you better not leave your home in the motherland without it!

how to be the middleman ?
see below

Russians with serious money who travel out of Russia for luxury and lavish life, do not have russian bank accounts. They have swiss, seychelles etc. bank accounts, and so no problem for VISA/Mastercard.
Russians who only keep in Russia to buy thinks, can use local cards. Lots of euro union countries got national-only cards - as well as I don't think USA "Discover" card it is that much accepted outside USA...

epassporte will be reborn

Epassporte was a Visa card.

You guys don't know what you're talking about.

i do, see below

good idea, china has it too... man those sanctions going to back fire for usa/euro companies... they can create a mainstream card for use inside Russia, while still having visa/mc for people if they travel... so if someone needs to use visa/mc they can, but everything inside Russia will be charged to national card

Who knows? Maybe it will work out.

Pres. Obama seems to have ideas on how to keep the economic recovery nice and SLOW.

2009: Economy in shambles, high unemployment. Solution: OBAMACARE

2014: After 5 long years of "recovery" the economy is finally starting to show some signs of life.
Solution: Put economic sanctions on Russia in a shaky world economy.

:disgust

go Putin go.

this is the most concise and observant reply in this thread.
Unionpay is everywhere now, even in the US thanks to all the chinese tourists spending big

Who processes UnionPay for adult?

US Unable To Isolate Russia

http://www.bloomberg.com/video/u-s-u...XihSFGwsw.html

Most of us would never be born because our grandfathers would end in gas chambers.

But that was over 70 years ago, most do not know of this.

They believe it was Russia alone that ended that era.

No one can process for adult in china as adult is banned in china.

I guess, if UnionPay is Chinese, that probably would apply even to the Russian market for legal products there. I'd like to be able to sell to more Eastern European fans one if these days. Pre-sanctions, those cards already got rejected a lot.

Hey Visa and MasterCard, it's too late to apologize :1orglaugh -> http://www.themoscowtimes.com/article/499594.html