Russian banks rush to switch to Chinese card system By Reuters

© 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:) 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.

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