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Visa moved card processing in Russia to local system: cbank
May 28, 2015 / 10:43 AM / 3 years ago

Visa moved card processing in Russia to local system: cbank

MOSCOW, May 28 (Reuters) - Visa Inc, the world’s largest credit and debit card company, has moved processing of its card transactions to a local system, Olga Skorobogatova, Russia’s central bank’s deputy chairwoman, said on Thursday.

Russian authorities ordered foreign card companies to move processing of their transactions in Russia to a newly created local payment system.

The new rules were introduced after Visa and Mastercard stopped providing services for some Russian banks that were sanctioned over Moscow’s role in the Ukraine crisis. (Reporting by Oksana Kobzeva; writing by Katya Golubkova; Editing by Christian Lowe)

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