Foreign payment processing systems are convenient but vulnerable - Medvedev

Foreign payment processing systems are convenient but vulnerable in terms of different risks, including political ones, while the national system being created in Russia should protect Russian citizens, Russian Prime Minister Dmitry Medvedev said.

Foreign payment processing systems are convenient but vulnerable in terms of different risks, including political ones, while the national system being created in Russia should protect Russian citizens, Russian Prime Minister Dmitry Medvedev said.

"It is of principle importance to ensure not just the reliability of bank transactions via the national system but better confidentiality of the entire payment processing system in general as well. Evidently, foreign systems are convenient and everyone got used to them but, of course, they do not ensure confidentiality and are vulnerable in terms of other risks, including political ones," Medvedev said at a meeting on establishing a national payment processing system.

It is hoped that cards, which will be issued in Russia, will be able to compete equally with cards of foreign payment processing systems, the prime minister said.

"That is why this project is useful for our citizens as providing additional opportunities so that our people feel protected in different situations," Medvedev said.

According to the prime minister, the national system should be efficient, accessible and, when possible, it should depend little on the international environment.

"The general law, which stipulates the order of forming national payment processing systems, exists but, of course, it should be changed and adjusted to the issues we currently resolve. Introducing the [national] card should allow banks to diversify risks and cut expanses related to using the international payment processing systems within the country," Medvedev said.

All rights reserved by Rossiyskaya Gazeta.

More exciting stories and videos on Russia Beyond's Facebook page

This website uses cookies. Click here to find out more.

Accept cookies