Countries could merge payment systems
Print Edition
CHINA and Russia are considering linking their national payment systems, Russian Prime Minister Dmitry Medvedev said yesterday, as he called for a more balanced global finance structure.
Noting the rise of China’s Unionpay system and its efforts to internationalize its currency, the yuan, Medvedev told a press conference in Beijing that Russia was developing its own payment system, known as Karta Mir.
“At the present moment it is being discussed whether Karta Mir should be linked to Chinese payment systems,” he said, while standing alongside Chinese Premier Li Keqiang.
That would have “good prospects” and “avoid those problems that sometimes arise when you use American payment systems,” Medvedev said, mentioning Visa and Mastercard without elaborating.
Russia created the Karta Mir system after Western sanctions were imposed in 2014 during the Ukraine crisis. The system is now widely accepted in Russia.
After new US sanctions, Moscow promised to intensify work to cut dependence on Western payment systems further. Among other things, it wants to create more domestic financial services such as its own ratings agency.
“I think that the more financial instruments there are in the modern world, the more stable the global financial system will be,” Medvedev said.
Around 14 million Mir cards, which translates as “world” or “peace,” have been issued in Russia, according to the Russian National System of Payment Cards, or about 10 percent of the country’s population.
More than 380 banks working in Russia accept the cards, which are issued by 120 banks. Practically all trade and service points, including cafes, shops and petrol stations, accept them.
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