Joseph P Farrell – Russia’s clearing system, Japan, and a wakeup call for the West.
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Russia To Issue 30mn National Payment Cards In 2016
RT News – Russia is ready for the mass issue of national payment cards next year, as it seeks to detach from the Western-dominated financial system and distance itself from geopolitical risks, said the head of the Central Bank at a meeting with the president.
Twenty banks have already confirmed their attendance in a pilot issuance planned for December, said Elvira Nabiullina Monday at the meeting with Vladimir Putin to report the results of the Russian banking sector in the first half 2015.
The Mir payment system, launched in 2014 and branded in 2015, will have to conquer the 230 million-card Russian market.
“This is a card that works as a national payment card, Mir, in Russia, but at the same time it can work abroad as a MasterCard, American Express etc. – so that people will feel comfortable and not worry if they want to buy something abroad or to travel somewhere,” Nabiullina said.
The first step was made when an operational and clearing center was set up. Domestic operations made using international payment systems are now processed in this center, she added.