Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

National Russian Card Payment System Announced

% of readers think this story is Fact. Add your two cents.


The Rumor Mill News Reading Room 

 

NATIONAL RUSSIAN CARD PAYMENT SYSTEM ESTABLISHED
Posted By: IZAKOVIC [Send E-Mail]
Date: Tuesday, 6-May-2014 07:40:54

Published time: May 05, 2014 20:22
http://rt.com/business/156912-russian-putin-card-payment/
Russian President Vladimir Putin signed into law the establishment of a national Russian card payment system on Monday. The NSPK (National Card Payment) system will ensure the smooth operation of electronic payments across Russia.
Both Visa and MasterCard blocked specific US-sanctioned Russian banks from using their payment systems in March amid the crisis in Ukraine, prompting sharp criticism for blocking bank operations.
On April 28, the US imposed sanctions against seven further Russian individuals and 17 different Russian companies, among them SMP Bank, Sobinbank, and InvestCapitalBank.
The NSPK law was passed in response to the cessation of some functions of Visa and MasterCard systems which happened under the US sanctions. Bank Rossiya was one of the first hit (considered by the US Treasury to essentially be a private bank for Russian officials). It, along with SMP Bank, predictably responded to the limitations by supporting the establishment of the new system.
Both banks were hit by a drop in consumer confidence which occurred after the sanctions kicked in.
The law requires foreign payment systems to make interim quarterly contributions to a special account in the Central Bank of Russia from July 1, equal to 25 percent of the average daily turnover.
The Russian parliament approved the bill last month. According to Central Bank estimates, creating the infrastructure for the launch of a national payment system could take as long as half a year. However, administering the cards to the general public could take as long as two years, with 100 million cards needing to be issued.
The new act stipulates that payment system operators and service operators, in addition to participants of the payment system, are not entitled to unilaterally abandon the provision of services necessary for the successful execution of any transfers.
Russian authorities also intend to seek to establish a national payment card which not only works within the country, but also abroad.
Last Thursday, Visa and MasterCard expressed concern over the potential impact. “I can see it will make it a more complicated situation for anybody that has a payment network in Russia,” MasterCard chief financial officer Martina Hund-Majean told the Financial Times.
Both companies said they are now considering possible risks to their business given the new legislation.

Considering that Austrian ERSTE BANK is new european Card manager, the implementation of such system in Russia could be pretty fast.
IZAKOVIC
http://www.deepspace4.com


Source: http://nesaranews.blogspot.com/2014/05/national-russian-card-payment-system.html



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 2 comments
    • Rose

      “Both companies (MasterCard and Visa) said they are now considering possible risks to their business given the new legislation.”

      ROTFLMAO< YOU OWN IT!!!

    • Eyeswideshut

      You go Vlad!! If the West wants a fight, give it to them!! They think they are causing damage to Russia when, in fact, Russia is two or three steps ahead!

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.