Russia’s Central Bank has announced that the payment system company MasterCard has reached an agreement to transfer its card processing operations within Russia to the state-owned local system.
According to the agreement, which is signed on 30 December 2014, MasterCard will provide its operational services and payment clearing services across Russia through the country’s newly established National System of Payment Cards (NSPC).
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The agreement will implement the first stage of NSPC strategy to establish an operational payment clearing centre for processing Russian domestic transactions through international payment system cards.
The Bank of Russia will provide settlement services to NSPC and MasterCard for the transferred operations.
The move, which comply with Russian law, will not affect MasterCard cardholders that were previously processed outside Russia.
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By GlobalData
