Russia will launch a fully-functioning national payment system (NPS) in the third quarter of 2015 to lessen its reliance on the infrastructure of international finance.
"A committee which was set up at the Central Bank is working, involving government officials and lawmakers. Specialists are choosing technology we have to use in our developments," ITAR-TASS quoted Central Bank of Russia (CBR) chairperson Elvira Nabiullina as saying.
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Nabiullina added the regulator will select the company that will create the new system within the next two weeks.
The new system will enable Russian payment card transactions to be processed internally while international transactions will be administered, as now, by Visa and MasterCard.
The proposed national payment card system will be based on the Russian Central Bank’s settlement and clearing center.
The need to accelerate the development of Russia’s own national payment system arose earlier this year after international systems Visa and MasterCard abruptly suspended servicing two Russian banks that had been blacklisted by the US in response to Russia’s annexation of Crimea.
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