HONG KONG : Several Russian banks plan to issue payment cards that use the network of China UnionPay as well as that of home-grown payment system Mir, after Visa Inc and MasterCard Inc joined other Western firms in suspending operations in Russia.
Several Russian lenders already issue cards with UnionPay. Still, the Chinese payment service is wary of cooperating with sanctioned Russian banks for fear that could lead to itself being sanctioned, the RBC business daily reported on Wednesday, citing five unidentified people at major Russian banks.China approved the central bank's creation of UnionPay as a coalition of banking operators in 2002 to allow domestic inter-bank transactions and settlements across different platforms.
It enjoyed a monopoly before China allowed foreign payment networks to set up onshore operations in 2020, and in recent years has rapidly expanded overseas. Holders of UnionPay cards issued by HSBC can also make withdrawals from that bank's cash machines in Britain.
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