Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
Politico-APsplainin | Mastercard, Visa suspend operations in Russia after invasion, 5 Mar
press release
Arab News | Mastercard, Visa suspend operations in Russia after invasion, 5 Mar, PR+
The twin suspensions were announced within 16 minutes of each other, and they followed a private video call earlier in the day between President Volodymyr Zelenskyy of Ukraine and US lawmakers. During that conversation, Zelenskyy "asked us to turn off MasterCard and Visa for Russia," Rep. Brad Sherman, a Democrat from California [US Congressional Ukraine Caucus], tweeted. "I agree," he added, before Mastercard and Visa made their announcements.
[...]
The moves by Mastercard and Visa could make real differences to their bottom lines. Russia accounted for 4 percent of all of Visa's net revenue in its last fiscal year, including money made from domestic and cross-border activities. Ukraine accounted for about 1 percent, Visa said in a filing with US securities regulators this week.

Mastercard said in its own filing that about 4 percent of its net revenues during 2021 came from business conducted within, into and out of Russia. Another roughly 2 percent was related to Ukraine.

RFI Global | Mir cards expected to benefit in Russia-Ukraine crisis, 5 Mar
Nikhil Reddy, payments senior analyst at GlobalData, says: "This will have a significant impact on the Russian card payments market resulting in reduced e-commerce and POS [point-of-sale] transactions. Even digital payment solutions like Apple Pay and Google Pay have barred cardholders of the sanction hit Russian banks from using their services."

While major economies have isolated Russia, China has kept its door open, encouraging Russia to use its payment system called Cross-border Interbank Payment System (CIPS) for international trade as a substitute for SWIFT, by connecting it with Russia's payment system - the System for Transfer of Financial Messages (SPFS).
[...]
As a result, he says Russia is strategically promoting the adoption of Mir via government mandates. It has passed mandates requiring public sector employees receiving state funds and welfare benefits to migrate to Mir payment cards. A similar mandate was imposed on pensioners, making pensions accessible only through Mir bank cards.

Some Russian bank customers have been cut off from Apple Pay and Google Pay, 26 Feb 2022
Amazon rows back on threat to stop accepting UK-issued Visa cards, 17 Jan 2022
Russia's Mir cards now accepted as customer payment method with DDF, 17 Oct 2021
archived Apple Maps, Amazon/Google: Big Tech Fueling State Violence
by Cat on Sun Mar 6th, 2022 at 10:00:12 AM EST
[ Parent ]

Others have rated this comment as follows:

Oui 4

Display:

Top Diaries

Occasional Series