Stock Groups

Russian banks rush to switch to Chinese card system -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO: UnionPay is a Chinese credit card provider that displays at the Money 20/20 conference held in Las Vegas (Nevada) on October 24, 2017. REUTERS/Steve Marcus

(Reuters) – Russian banks announced Sunday that they will soon issue cards through the Chinese UnionPay system, which is a combination of Russia’s Mir network and Visa (NYSE:). This comes after MasterCard (NYSE:) said it was suspending its operations in Russia.

Sberbank (Russia’s largest lender) and Alfa Bank as well Tinkoff made announcements regarding UnionPay on Sunday.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]