MOSCOW, June 19 (RIA Novosti) – The Central Bank of Russia (CBR) has established the operator of Russia’s national card payment system, CBR Chairwoman Elvira Nabiullina said Thursday.
“The Board of Directors decided at a meeting the day before yesterday, to establish a joint-stock company – NSPK [National Card Payment System] operator, [which] is going through the state registration process. We have an infrastructure road map. A commission has been established in the central bank, which includes representatives from the State Duma, the Federation Council and the government, for technology decisions. It has to give its opinion on the basis of existing analysis and research by July 1,” the chairwoman said.
On Wednesday, Prime Minister Dmitry Medvedev said Russia’s national card payment system is not being created to counteract foreign counterparts, but as a reasonable alternative to them.
Russian President Vladimir Putin signed into law a bill to create a national card payment processing system in early May. Plans to establish the system were initiated in response to Ukraine-related sanctions that saw several Russian banks denied service by global powerhouses Visa and MasterCard. The two card payment companies said the sanctions dented their profits, adding they want to continue operating in the Russian market.