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Russian banks rush to switch to Chinese card system

Stock Markets Mar 06, 2022 02:55AM ET
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© Reuters. FILE PHOTO: UnionPay, a Chinese credit card company, displays on the exhibit hall floor during the Money 20/20 conference in Las Vegas, Nevada, U.S. on October 24, 2017. REUTERS/Steve Marcus

(Reuters) - Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa (NYSE:V) and MasterCard said they were suspending operations in Russia.

Announcements regarding the switch to UnionPay came on Sunday from Sberbank, Russia's biggest lender, as well as Alfa Bank and Tinkoff.

Russian banks rush to switch to Chinese card system
 

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Comments (26)
Sharon Foster
Sharon Foster Mar 08, 2022 12:22PM ET
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We are living in the End of Times per Bible prophecy. If you don’t know Jesus start now. There ate NOT many roads to eternal life in heaven, only one, Jesus said, “I am the way, the truth and the LIFE, no one comes to the Father except through me.” “If you have seen me you have seen the Father.” God is spirit, He incarnated himself in the person of Jesus (flesh) so we could understand- God is ONE! It is NOT 1+1+1=3 it is 1x1x1=1Without accepting Christ Jesus as your Savior your eternity is Hell without end, torment and rememberance forever your rejection of Jesus who is God Almighty in the flesh. Everyone will stand before Jesus on the last day and if your name is NOT written in the Book of Life you will be condemned to Hell for rejecting the calling by the Holy Spirit. THINK ABOUT YOUR ETERNAL DESTINY! 🙏heaven or 🔥hell Your CHOICE! Choose wisely!
Christo Kanev
Christo Kanev Mar 07, 2022 12:11PM ET
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u never know the way it goes if they start selling petrol in RUBs
Hnb Banfa
Hnb Banfa Mar 07, 2022 12:11PM ET
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this if happens will be very bad for doller. demand for doller would go down substantially
Fin Ally
FinAlly Mar 07, 2022 1:50AM ET
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Look at the exchange rate between the ruble and the yuan. The ruble has fallen by 25% in a few days. Putin surrenders to China, Of course, China buys everything. Gets 25% cheaper than a week ago..The ruble note is worthless. Not even suitable as toilet paper
Roberto Baggio
Roberto Baggio Mar 06, 2022 5:45PM ET
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i had union pay and i can tell very few places it works.
Jim Parker
Jim Parker Mar 06, 2022 4:51PM ET
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Maybe the Chinese should be blocked from using SWIFT. That means the ruble will be connected to the Chinese monies only.  Just another stab in the Back, but what did the world really expect from China.
Arthur Timmins
Arthur Timmins Mar 06, 2022 4:51PM ET
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On one hand it is good as it will further cripple Putin’s economy and slow the evil tyrant of China’s armies growth. On the other hand, it would cause my wife and i to lose our home as most of our income is from business there as much as i hate to admit it.
Nils Hullmann
Nils Hullmann Mar 06, 2022 4:04PM ET
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One Sentence : Oil for Gold and USA is done
Partha Mukherjee
Partha Mukherjee Mar 06, 2022 11:18AM ET
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Father of Covid and Mother of Rus marries - children of the free world unsafe!
Partha Mukherjee
Partha Mukherjee Mar 06, 2022 11:10AM ET
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Father of Covid created the biggest 'PUT'  now its Put-In .. evil
Maximo Ramirez
Maximo Ramirez Mar 06, 2022 9:31AM ET
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see it from the space not from UCRANIA
Maximo Ramirez
Maximo Ramirez Mar 06, 2022 9:30AM ET
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Qatar gas is the only problem because many banks invested in  gas ship transportation and who going to pay this if Work stream 2 is sucess, two bird with one shot, send more guns at rest Polonia, and the other, what is the comment now
 
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