Russia to create national payment system in 18 months — Russia’s Central Bank chief

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The Central Bank of Russia (CBR) hopes to create a national payment system within 18 months after the operational problems of payment systems Visa and MasterCard, CBR Chairperson Elvira Nabiullina reported to President Vladimir Putin on Monday.

“Negotiations with Visa and MasterCard on terms of their operation in Russia are underway. I hope that we will also settle all concerns, all problems arising over their operation,” Nabiullina said.

According to Nabiullina, Russia has prepared an action plan to create a national payment system.

“A committee which was set up at the Central Bank is working, involving governmental officials and lawmakers. Specialists are choosing technologies which we already have to use in our developments,” the CBR chairperson noted.

“Specific technological solutions will be developed shortly and then we will be able to create a national payment system within 18 months,” she added.

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