Visa, MasterCard to create Russian payment system operator over 1.5 years
International payment systems Visa and MasterCard have expressed their desire to create a Russian payment system operator, and this process will take around 1.5 years, Finance Minister Anton Siluanov told journalists at the St. Petersburg International Economic Forum.
"They came to the government with a proposal of a way to mend relations over a 1.5 year [period]," he said after meetings with Visa and MasterCard representatives. This includes creating Russian Visa and MasterCard companies over the next 1.5 years, Siluanov said.
Before this, Siluanov said, the companies will have to cooperate with the Russian payment system.
Overall, the Visa and MasterCard representatives expressed their interest in continuing operations in Russia. "They have problems with carrying out the existing law concerning measures of guarantee. They are ready to work in Russia within this law's framework, but the question of creating a Russia operator of Visa and MasterCard will require time, [and] before this, they are prepared to work with existing payment systems," he said.
The Russian government is prepared to cooperate with these companies in this area, Siluanov said. "We'll report to the country's leadership and find a solution soon that suits MasterCard, Visa and the Russian Federation," he said.