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Leading Russian banks are looking into using a Chinese payment rival after Visa and Mastercard suspended operations, while all the big global accounting firms said they would pull out of Russia in ...
Trade between Russia and China ballooned to a record $240 billion in 2023. Maintaining the flow of income and goods, which is crucial to the Kremlin, depends on ensuring smooth payments.
UnionPay decal on the door of a dining hall in Chiba, Japan. With the approval of the People's Bank of China (PBOC), China UnionPay was launched on 26 March 2002, in Shanghai by PBOC governor Dai Xianglong, The Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank served as its first members. [6]
Russian banks have considered issuing debit and credit cards with China's UnionPay on them to replace Visa and Mastercard in the processing of international transactions, UnionPay has a wider reach compared to Mir and is accepted in more than 180 countries worldwide. The result would be that Mir would continue to process domestic card payments ...
Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance. Central bank digital currencies and cryptocurrencies are also being explored to facilitate trade.
In September 2016, Russia's National Payment Card System and China's Union Pay payment system agreed to issue joint bank cards. The corresponding agreement was signed on September 14 in Shanghai, [39] and the first cards were issued in July 2017 by Rosselkhozbank. [40]
CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency. In 2022, CIPS processed around 96.7 trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system. [1] [2]
The increased use of digital assets in cross-border settlements between Russia and China is easing bilateral payment issues, digital platform Qifa told Reuters, as some settlements directly ...