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Russia Gets Ready for Life Without Visa and MasterCard
Carol Matlack and Elizabeth Dexheimer businessweek.com Is Russia ready to cut up its plastic? After Visa and MasterCard stopped processing some Russian transactions in response to U.S. sanctions, Moscow says it could launch a homegrown payment system that could be ready in as little as six months,according to German Gref, chief of the country’s largest bank, Sberbank(SBER:RM). Hard as it may be for Americans to imagine life without Visa (V) and MasterCard(MA), jettisoning them wouldn’t be all that difficult. Moscow has been preparing for the past few years to issue an electronic payment card that citizens could use for transactions with the government, such as tax and pension payments. to read more: businessweek.com
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