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 and MasterCard said they were suspending operations in Russia.
The truth is that Russian banks started using Union Pay in 2017. The cross-border payment network for debit/credit cards issued through commercial banks is already finished. This is phase one of the multi-step processes in the move away from the dollar dominant payment rails.
Articles and visual aids shared in this RTD News update:
https://www.reuters.com/business/finance/russian-banks-rush-switch-chinese-card-system-2022-03-06/
https://cdn.discordapp.com/attachments/832456983834525706/950096742936875028/me.png
https://cdn.discordapp.com/attachments/832456983834525706/949040634004639784/brics_pay_network.JPG
https://www.artlebedev.com/mir/site/process/
https://cdn.discordapp.com/attachments/832456983834525706/950119203577405440/unionpay_ezb.JPG
https://cdn.discordapp.com/attachments/832456983834525706/950114566690451466/sberbank.JPG
https://cardflash.com/news/2017/07/rosselkhozbank-rolls-unionpay-mir-card/
https://cdn.discordapp.com/attachments/832456983834525706/950108113099427901/tweet1.JPG
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