A law has been signed by President Vladimir Putin which will give Visa and MasterCard a five-month reprieve on paying a huge security deposit to Russia’s Central Bank.
The two card companies would have had to transfer transaction processing to a domestic partner or pay the security deposit by the end of this month under an earlier law.
Visa and MasterCard set off a movement to end Russia’s dependence on foreign payment systems when they stopped service to two Russian banks in March to comply with U.S. sanctions imposed following Russia’s annexation of Crimea.
The initiative culminated in May with a law that laid the groundwork for the creation of a national payment system and would have required them to submit a security deposit in order to stay in the country, which is estimated to be about $2.9 billion.
After negotiations, amendments were passed allowing the companies to avoid the deposit so long as they found a domestic player to take over processing of their transactions.
Just 31% of Brits know who's on the back of the new £5 polymer banknote, says new research from Barclaycard, which also found that the number of cash users continues to drop as people prefer using more digital methods of payments.
Nine out of ten consumers use their smartphones more than any other device, and consumers would also prefer to use biometrics over PINs - with fingerprints being the preferred method, according to a new Mastercard survey.
It's banks, not government agencies, that the British people trust to deliver biometric authentication payment services, says a new Visa study.
With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.