Visa and MasterCard have stopped servicing Russian accounts abroad.  Russian banks are seeing an increased demand for cards linked to the Mir domestic payment system. Photo: AFP
Visa and MasterCard have stopped servicing Russian accounts abroad. Russian banks are seeing an increased demand for cards linked to the Mir domestic payment system. Photo: AFP
Ukraine war

Ukraine war: Russia turns to China for bank card microchips as Western sanctions bite

  • The country has been cut off from the global financial system, and is now seeing a boost in demand for cards linked to the domestic Mir payment system
  • Some banks are issuing the cards in a co-brand with China’s UnionPay, an alternative payment system to Visa and MasterCard for purchases by Russians abroad

Visa and MasterCard have stopped servicing Russian accounts abroad.  Russian banks are seeing an increased demand for cards linked to the Mir domestic payment system. Photo: AFP
Visa and MasterCard have stopped servicing Russian accounts abroad. Russian banks are seeing an increased demand for cards linked to the Mir domestic payment system. Photo: AFP
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