Visa, MasterCard will not be banned in Russia - Deputy Prime Minister

Russian national payment processing system should be created as an alternative to Visa and MasterCard, not instead of them, Russian First Deputy Prime Minister Igor Shuvalov said.

Russian national payment processing system should be created as an alternative to Visa and MasterCard, not instead of them, Russian First Deputy Prime Minister Igor Shuvalov said.

Russian President Vladimir Putin has already ordered the Russian government to establish alternative national payment processing system, Shuvalov said in an interview with the News on Saturday with Sergei Brilyov program aired in Russia's Far East.

"It will be created. Certain time is needed for this. But it will be established solely in isolated mode - it will service some market segment and will be able to cooperate with other international payment processing systems besides Visa and MasterCard," the first deputy prime minister said.

Visa and MasterCard will not be banned it Russia, he said.

"We just want that now banks and card issuers are able to provide their clients with an opportunity to process payments via MasterCard, via Visa, via UnionPay and via the national payment processing system, thus the service menu will be considerably bigger," Shuvalov said.

"And of course, we should not put ourselves in a vulnerable position anymore as it happened, for example with the Rossiya bank, when Master stopped carrying out payments. We should not allow such a situation again," he said.

All rights reserved by Rossiyskaya Gazeta.

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