MasterCard to transfer transaction processing to Russias payment system

Tuesday 13 January 2015 15:47 CET | News

MasterCard has reached an agreement with Russian authorities to process its payments in Russia, reports.

Russia requires all international payment systems and banks that issue payment cards to process transactions via a new local system or pay a fine. On December 2014, MasterCard and Russia’s national payment system agreed to gradually move the processing of the US company’s transactions within Russia under the roof of its Russian counterpart. The Bank of Russia will act as a settlement office. The deadline for foreign card companies to switch to the local system is the end of March 2015.

In December 2014, MasterCard and Visa announced that they could no longer support bank cards being used in Crimea, following US sanctions.

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Keywords: Visa, MasterCard, bank card services, national payment system, Russia
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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