The new bank cards, from one of China’s leading card schemes, will allow Russians to do business abroad, Russia Briefing said, and will be jointly branded by UnionPay and Mir, the electronic payment system owned by the Central Bank from Russia
UnionPay cards were mainly aimed at Chinese tourism, he said RA Expert analyst Evgeny Romanov a Report of the banksbut Russians can also use the cards in other countries, although demand will depend on the cost.
China enters Russian banking
Eleven other large Russian banks, incl Gazprombank, RSHB, Bank of Saint Petersburg i Zenithave already made the switch to China’s Union Pay, Russia Briefing said, with the likes of Absolut Bank, Rosbank, AK Bars and Home loan expressing plans to do the same.
However, business with Russian banks will remain monitored and limited, Romanov noted, due to China’s fear of US sanctions.
Union Pay could gain a 5-8% share of Russia’s card payment economy, Russia’s Novikombank he told Russia Briefing, as long as Visa and MasterCard do not lift their bans in the near future.
Russian banks look to team up with UnionPay in China after card ban
China’s UnionPay wary of deals with Russian banks – RBC
China and Russia Central Bank officials meet on payments system
Alfie is a reporter at Asia Financial. He previously lived in Mumbai reporting on India’s economy and health for the data journalism initiative IndiaSpend, as well as working for London-based Tortoise Media.