All news

Visa ready to ensure system's smooth operation in Russia

There are concerns that the new provisions of the law 'On the national payment system' could lead to international payment systems leaving Russia

MOSCOW, July 12. /TASS/. Visa international payment system intends to ensure smooth operation in Russia, Visa press service told TASS.

The payment system noted that Russia is a strategically important market for Visa, and as for publications in the media about a possible withdrawal of international payment systems from Russia, the company does not comment on the opinions of third parties "based on assumptions and personal view of the author."

"Visa is committed to its mission of ensuring smooth operation of non-cash payments for all participants of the payment system — banks, merchants (retail businesses) and consumers," the company’s press service commented.

The Bank of Russia (Central Bank) in its turn is confident that international payment systems will continue operations in Russia and does not see reasons for concern, the regulator’s press service told TASS on Friday.

"Amendments are aimed at ensuring conformity of the activity of all payment system operators with the Russian law. We are confident all the payment systems will work just as before," the press service stated. "We do not see reasons for concern," it pointed out.

As the Central Bank explained, domestic card transactions, including cards of international payment systems, will be processed by the National Payment Card System inside Russia, just like now, while international payment systems will process transactions outside Russia.

Earlier, Head of the State Duma Financial Market Committee Anatoly Aksakov told TASS that the new rules proposed by the draft law are not rigid, and international payment systems may well meet them, continuing their work in the Russian Federation.

"There is nothing rigid. They will simply bring their rules in line with the rules established by Russian legislation and will continue to work," Aksakov said.

At the same time, he noted that in case of violation of the new rules international payment systems will face fines, as any other Russian organization. "We must establish norms that stipulate that the rules of companies must comply with the Russian legislation and must not be discriminatory towards Russian organizations," he added. "If they violate these rules, they will be fined, like any organization that violates the Russian law," Aksakov said.

Earlier Kommersant wrote that the new provisions of the law "On the national payment system" could lead to international payment systems leaving Russia. The newspaper wrote that, as per one of the experts, the newly proposed rules are "unfeasible" for international payment systems such as Visa and MasterCard.

The draft law requires to ensure the continuity of payments by payment systems, banning Russian subsidiaries of international payment systems from suspending card payments for banks under sanctions.