Russia-based Gazprombank has started issuing China’s UnionPay (CUP) cards for international payments.
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Gazprombank’s customers will receive UnionPay cards with a new account or as a supplementary card to the already existing accounts of the bank’s cards under the VISA/MasterCard scheme. The cards will be issued in Classic, Gold and Platinum categories.
The bank’s move is also expected to reduce its dependence on the US payment systems.
In May 2014, Russian President Vladimir Putin has signed a law to establish a national payment system after Visa and MasterCard stopped servicing cards of some Russian banks as part of the US and the European Union’s sanctions against Russia.
In July, Fen Zhiguang, a China UnionPay representative in Russia, said the company plans to increase the number of UnionPay debit and credit cards to two million over the next three years.
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