MOSCOW— Russian and Chinese entities that provide alternatives to Visa and Mastercard payment networks may be reaping significant benefits from sanctions the West imposed in response to Russia’s invasion of Ukraine, according to one new analysis.
Use of Visa and Mastercard was widespread in Russia—the two companies held 70% of the debit card market there--when the two card networks halted some transactions in early March as a result of sanctions and pressure resulting from Russia’s invasion of Ukraine.
Many would-be card users in Russia are rapidly embracing other options, including China-based UnionPay, according to Pymnts.com. While few major banks in Russia were using UnionPay before the invasion, some of the biggest have expressed interest over the past two months, the report added.
Yes, FOMO is Very Real in this Case!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com