Posted on 03/06/2022 5:09:40 PM PST by E. Pluribus Unum
The Central Bank of the Russian Federation announced on Sunday that several banks will switch to the Chinese card system following the suspension of Visa, Mastercard, and Paypal in Russia.
It can be recalled that Visa, Mastercard, and Paypal announced on Saturday they will suspend all operations in Russia.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer of Visa Inc.
On Sunday, several banks in Russia will start to issue new cards with the new Russian payments system “Mir” and China’s UnionPay.
According to far-left Wikipedia, “Mir does not itself issue cards, extend credit or set rates and fees for consumers rather Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers.”
Bloomberg reported:
Sberbank PJSC said it’s looking at the possibility of issuing cards using Russian payments system Mir and China’s UnionPay after Visa Inc. and Mastercard Inc. suspended operations following the invasion of Ukraine.
(Excerpt) Read more at thegatewaypundit.com ...
If you don't like it, don't read it.
And the driving of Russia into China’s hands continues.
Good luck Western Society ...
It's like putting criminals in jail; it just makes them better criminals.
I predicted this. America is on a “go woke, go broke” rampage on an international scale.
Visa and MasterCard hardest hit.
I think that’s one of Putin’s goals. Partnering with China to create an EurAsia empire. And with Iran to create a new Persian Empire.
asking for a friend
UnionPay is big and powerful - now they will be bigger and more powerful. Good luck to VISA and Mastercard ever getting back in to the Russian market.
After this experience the appetite for Visa and Mastercard to cut off the Chinese is going going to be extremely low. These two wokester credit card processors will get replaced anyway in China because no great power is going to leave them selves open for a foreign corporation to that kind of leverage over their citizens.
As long as The Big Guy gets his 10%.
That’s really going to cut into my 4% cash back and rewards program.
After they close them down, do they still have to pay them off?
The Big Guy Gets that too.
There’s nothing about visa or master charge that Russia can’t do for themselves. Cutting off western banking services will only result in loss of business and new competitors.
Alas.
But correct nevertheless
” Gateway Pundit, Jim Hoft, blah blah “
I already read it, far too late for the GW warning.
Just cause it is GW does not mean it it is 100% wrong
I had been wondering when that was going to happen with this new woke crusade, Seriously the second Visa said we are abandoning a huge amount of profits because moral something or other I knew it was a huge amount of BS.
I worked for Jack (Jess) Schwartz back in the 70s and I still have his phone number, but I don’t have to call him to know exactly what he would say
Your local convenience store lets black people walk in and out, stealing everything they can get their hands on in plain sight.
They just might.
“I think that’s one of Putin’s goals. Partnering with China to create an EurAsia empire. And with Iran to create a new Persian Empire.”
Yes, with the new Persian Empire subordinate to the Russo-China behemoth. Well, subordinate until it gets its jihadi juices flowing, in which case, it’s show time!
Visa, MC, Amex all zombie companies anyway
I agree.
Griftway Pundit is a garbage website but once in awhile, between the "BOOMS!" and "BOMBSHELLS!" they get things right.
So, does this mean the US Sanctions are working?
I’m so confused!
Let’s Go, Brandon! *SPIT*
“Visa, MC, Amex all zombie companies anyway”
Not in the least. If you had said Vampire Companies I might be more likely to agree with you.
each of these companies skims a few percent of every transaction you make, and it costs them very little.
After I worked for Jess Schwartz I worked for First Data, then later worked on Database performance tuning, but that was all before the Internet diversion.
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