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Russia's Fintech to discuss contracts with Visa and Mastercard in 2018

The issue of concluding contracts with the companies may be considered next year

MOSCOW, December 26. /TASS/. Russian Fintech Association, created under the aegis of the Central Bank for the development of financial technologies, will return to the issue of accepting international payment systems Visa and Mastercard to its members in 2018, the press service of the association told reporters on Tuesday.

In accordance with internal procedures, the supervisory board recommended the CEO to conclude an agreement with associate members. As for Visa and Mastercard, this recommendation was given on September 29. The issue of concluding contracts with these companies will be considered next year," press secretary of the association Anastasia Polonskaya said.

She noted that this concerns an associated membership, which allows participation in implementing Fintech projects, but not management. Full membership allows participants to enter the supervisory board and have the right to vote.

Earlier Vedomosti reported that Fintech excluded Visa and Mastercard form the association after about two weeks after their introduction. According to the newspaper’s sources, the decision was made because the association is working on important state projects, while Visa and Mastercard are foreign companies. However, according to Fintech comment, the payment systems were not among the members of the association.