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Russian banks can switch to terminals by Asian manufacturers, says expert

It was also noted that the production of such devices is possible in Russia, although not entirely from domestic parts

MOSCOW, January 25. /TASS/. Russian banks can gradually switch to terminals by Asian manufacturers if the French company Ingenico leaves the Russian market, Viktor Dostov, chairman of the Association of Electronic Money Market Participants and Money Transfers, told TASS.

"Ingenico has long announced the possibility of leaving the Russian Federation. As far as I understand, their main task now is to organize support for already sold devices and software. Accordingly, let's hope that existing customers, including the largest banks, smoothly and gradually as existing devices age, will switch to terminals from Asian manufacturers," he said.

He also noted that the production of such devices is possible in Russia, although not entirely from domestic parts.

"Perhaps, domestic companies will also quickly master the assembly, although the share of imported components in such devices will inevitably be high in the coming years," Dostov added.

Earlier, the Industry and Trade Ministry announced that a sufficient number of large suppliers of cash register equipment, in particular, cashless payment terminals, which are represented on the Russian market, will be able to replace Ingenico if the company leaves Russia.

The Ministry of Industry and Trade named such companies Inpas, Atol and Shtrikh-M as an example, adding that the enterprises have a sufficient supply to provide the market with equipment for card payments.

Earlier on Wednesday, RBC reported citing sources in the payment market, that one of the largest manufacturers of terminals for accepting cards for payment, Ingenico, can leave Russia in March 2023. According to RBC, Ingenico contracts with employees in Russia are valid until February 15, and the company plans to leave the country on March 1. Ingenico intends to provide technical support for terminals for accepting cards until the end of March. Ingenico devices account for the main share in the network of POS-terminals of Sberbank, VTB and Promsvyazbank.

Ingenico is an international company headquartered in France. It has been operating in Russia since 2007.

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