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Likewise India is setting up alternative cross border banking with Russia. Will be fascinating to see the end-result of this; how someone with a Russian bank ac

Likewise India is setting up alternative cross border banking with Russia. Will be fascinating to see the end-result of this; how someone with a Russian bank account can pay for a meal in Shanghai or Mumbai.

netsharc 5y ago
> how someone with a Russian bank account can pay for a meal in Shanghai or Mumbai. Two weeks ago they'd just pull out their Visa/MasterCard, and since the restaurant and the Russian's bank are both in the Visa network, it gets taken care of that way. Visa and MasterCard are blocking service to sanctioned Russian banks, which explains why Russians are busy going to the ATM to pull out cash. China has their own network called UnionPay, so those banks have probably been calling them to join this last week. I can imagine that Russians will also install AliPay or WeChat.
- deleted 5y ago
  [deleted]
- allisdust 5y ago
  Also Indian government has been pushing an alternative network called RuPay for which they have been trying to find international partners.
  - captn3m0 5y ago
    The RuPay international card offerings (since the RuPay BINs are unrecognised outside of India) used a shared BIN from JCB, Japan as a workaround.
- ivan_gammel 5y ago
  Since 2015 all Visa and MasterCard transactions within Russia are handled by National Payment System and are not affected by any sanctions. There's also a Russian payment system Mir based on NPS. Operators of NPS cooperate with Union Pay and even issue co-branded cards, so I won't be surprised if NPS-UnionPay bridge will allow avoiding sanctions for any payments between Russia and China.
- konart 5y ago
  >Visa and MasterCard are blocking service to sanctioned Russian banks, which explains why Russians are busy going to the ATM to pull out cash. VISA and MC has nothing to do with lines to the ATM for cash. We have MIR system that works without any problem within Russia and works with Apple\Google\Whatever Pay too. People just afraid their money can be taken away.
deepstack 5y ago
And Japan has offered their payment service a while back to the Russians as well. Think Russian has being preparing for this for a while.
- deleted 5y ago
  [deleted]
- emteycz 5y ago
  Japan has also joined in the sanctions, so I don't think that offer stands.
singularity2001 5y ago
>>> how someone with a Russian bank account can pay for a meal in Shanghai or Mumbai Technically (theoretically) trivial.

netsharc 5y ago

> how someone with a Russian bank account can pay for a meal in Shanghai or Mumbai. Two weeks ago they'd just pull out their Visa/MasterCard, and since the restaurant and the Russian's bank are both in the Visa network, it gets taken care of that way. Visa and MasterCard are blocking service to sanctioned Russian banks, which explains why Russians are busy going to the ATM to pull out cash. China has their own network called UnionPay, so those banks have probably been calling them to join this last week. I can imagine that Russians will also install AliPay or WeChat.

deleted 5y ago
[deleted]
allisdust 5y ago
Also Indian government has been pushing an alternative network called RuPay for which they have been trying to find international partners.
- captn3m0 5y ago
  The RuPay international card offerings (since the RuPay BINs are unrecognised outside of India) used a shared BIN from JCB, Japan as a workaround.
ivan_gammel 5y ago
Since 2015 all Visa and MasterCard transactions within Russia are handled by National Payment System and are not affected by any sanctions. There's also a Russian payment system Mir based on NPS. Operators of NPS cooperate with Union Pay and even issue co-branded cards, so I won't be surprised if NPS-UnionPay bridge will allow avoiding sanctions for any payments between Russia and China.
konart 5y ago
>Visa and MasterCard are blocking service to sanctioned Russian banks, which explains why Russians are busy going to the ATM to pull out cash. VISA and MC has nothing to do with lines to the ATM for cash. We have MIR system that works without any problem within Russia and works with Apple\Google\Whatever Pay too. People just afraid their money can be taken away.

deepstack 5y ago

And Japan has offered their payment service a while back to the Russians as well. Think Russian has being preparing for this for a while.

deleted 5y ago
[deleted]
emteycz 5y ago
Japan has also joined in the sanctions, so I don't think that offer stands.

singularity2001 5y ago

>>> how someone with a Russian bank account can pay for a meal in Shanghai or Mumbai Technically (theoretically) trivial.