Russia has reportedly developed its own microchip technology for the national payment card, in a bid to establish its own national payment system.
Designed to deliver better information security, the new chip has been developed by Payment Technologies, as reported by rt.com/business.
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The latest development follows Russia’s preparedness to replace the technology used in global payment processors including Visa and MasterCard, with a chip created for Sberbank’s Universal Electronic Card (UEC).
Russian Prime Minister Dmitry Medvedev was quoted by rt.com/business as saying it was necessary to use Russian technology in the national payment system, which will counter security issues and provide data protection.
The chip is currently being tested in laboratory and its mass production will take at least one-and-half year.
The new cards with the new chip is likely to be launched for wider use by mid-2015, and will also be valid overseas. Its operations will be processed within Russia.
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By GlobalDataMost recently, the Central Bank of Russia established a wholly owned subsidiary to operate the national payment system.
