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Visa Says It Won’t Guarantee Russian Transactions From Oct.1

Visa, a general remuneration provider, has circulated a minute to Russian banks warning that it will no longer pledge a estimate of domestic exchange from Oct.1, a Kommersant journal reported Monday, citing marketplace sources.

Under legislation upheld after Visa and MasterCard stopped servicing authorised Russian banks final year, from Oct. 1, all internal exchange contingency be processed by a state-run National Payment Card System designed by a Central Bank. The new complement aims to cut a country’s faith on unfamiliar remuneration providers.

But a transition to a new inhabitant use has been rocky, and Visa is still receiving some transaction requests from banks, according to Kommersant.

Unidentified sources told a paper a conditions had stirred a association to advise that if it receives requests from banks to approve Russian exchange from Oct. 1, it will not pledge their processing.

Visa reliable promulgation a minute to all Russian banks, according to Kommersant. The association also pronounced Monday that a pierce would not impact typical cardholders.

The series of transaction requests from banks was tiny and there was no hazard of intrusion from unsuccessful payments, a journal reported, citing unclear member of Visa and a National Payment Card System.

Analysts agreed: Visa cares about a repute and attribute with banks, and is doubtful therefore to stop estimate exchange even if it receives them by mistake, Maria Mikhailova, executive executive of a National Payments Council run group, told a newspaper.

Article source: http://www.themoscowtimes.com/article/535720.html

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