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Putin: Russian payment system may be made similar to Japanese and Chinese

May 30, 2014, 13:45 UTC+3 MOSCOW
During a meeting on Friday, VTB’s head Andrei Kostin reported progress in organization of a national payment card system
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MOSCOW, May 30. /ITAR-TASS/. Russia’s President Vladimir Putin says the national payment system may be made similar to those in Japan and China, which have agreements with foreign counterparts.

During a meeting on Friday, VTB’s head Andrei Kostin reported progress in organization of a national payment card system.

“In May, we made a first step on the way - VTB Group merged its system with the United Payment System, and thus Russia’s 300 banks - about 30% of the banking sector - are united into one system,” he said.

The banks have united their services, ATMs, so that “Russian clients could settle payments so that the system remains within the country.”

“This could be a prototype of the national system,” which is planned, Kostin said. “This is the first important practical result in this direction.”

Putin said “in later future” Russia should make the system “similar to those in Japan or China, where the national payment systems have agreements with their foreign counterparts to access gradually the international markets.

Kostin mentioned in the report to the president that the bank had been active in operations involving currencies other than dollar.

“First of all, I mean ruble and China’s Yuan; the VTB Group has all the structures necessary for these operations.”

The Group has been offering operations in different currencies not only inside Russia, but also abroad.

“Our branch in Shanghai offers loans both in roubles and in Yan, and serves the entire complex of operations. This task is very important at least for the bilateral trade with China.”

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