In the midst of the ongoing war between Russia and Ukraine, China’s largest credit card brand Unionpay has become the latest financial services network to suspend its negotiations with the Russian banks after payment giants Visa and Mastercard closed down their services in the country fearing the devasting sanctions. As […]
Can India really overthrow Visa and Mastercard?
Long before the war in Ukraine, India’s Prime Minister Narendra Modi decided that international card networks could be used as instruments of statecraft — and that he should channel the rising economic power of his country’s 1.4 billion people to resist the dominance of Visa Inc., Mastercard Inc. and American Express Co. “Everyone cannot go to the border for the […]
Russian bank working to issue China’s UnionPay, domestic MIR cards after Visa, Mastercard exit
Following the suspension of operations in Russia by payment giants Visa and Mastercard, Russia’s state-owned Sberbank announced on Sunday that it is working on issuing payment cards using China’s UnionPay and Russia’s domestic Mir payment systems, Russian media reported. Sberbank also said in the statement that the suspension of Visa […]
Visa, Mastercard suspend operations in Russia
Credit card and Payment giants Mastercard and Visa announced that they were suspending operations in Russia and that their cards issued by Russian banks will no longer work outside the country. “Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the […]