Putin: Russian payment system may be made similar to Japanese and Chinese ones, having agreements with foreign counterparts

MOSCOW, May 30 (Itar-Tass) - Russia’s President Vladimir Putin says the national payment system may be made similar to those in Japan and China, which have agreements with foreign counterparts. During a meeting on Friday, VTB’s head Andrei Kostin reported progress in organisation of a national payment card system. “In May, we made a first step on the way - VTB Group merged its system with the United Russian System, and thus Russia’s 300 banks - about 30 percent of the banking sector - are united into one system,” he said. The banks have united their services, ATMs, so that “Russian clients could settle payments so that the system remains within the country.” “This could be a prototype of the national system,” which is planned, Kostin said. “This is the first important practical result in this direction.” Putin said “in later future” Russia should make the system “similar to those in Japan or China, where the national payment systems have agreements with their foreign counterparts to access gradually the international markets.” Learn more on itar-tass.com