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If Russian banks replace Visa and Mastercard with Chinese UnionPay cards

If Russian banks replace Visa and Mastercard with Chinese UnionPay cards

Payments

The Beijing-based payment giant is a candidate to take over from the two major US companies that have joined the sanctions against Moscow. UnionPay is already active in 180 countries around the world and a month ago announced a technology alliance to grow in international markets (with US Finserv)

by Alessandro Graziani

Ukraine, von der Leyen: new sanctions and free of Russian gas

The Beijing-based payment giant is a candidate to take over from the two major US companies that have joined the sanctions against Moscow. UnionPay is already active in 180 countries around the world and a month ago announced a technology alliance to grow in international markets (with US Finserv)

Chinese Foreign Minister Wang Yi emphasized that “the alliance with Russia is as solid as a rock.” It will show over time if it holds together and how much it will hold. At the moment, it is worth noting that, in addition to not participating in international sanctions, China is preparing to become a reference financial partner for Moscow, which will benefit its companies.

suspension of operations

This is the case for the credit card business after US Visa and MasterCard, last weekend, announced the suspension of …

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