University of nicosia, University in Nicosia, Cyprus

New Delhi, March 6 Several Russian banks on Sunday announced plans to start issuing cards using the Chinese UnionPay card operator system.The step, which came shortly after Mastercard and Visa pledged to cease operations in Russia and disconnect all the country's banks from their payment systems, will enable the holders of new cards to use them for paying and withdrawing cash abroad, RT reported.On Saturday, international financial service providers Visa and Mastercard said they would suspend operations in Russia within the next several days due to the latest Western sanctions related to Moscow's ongoing war in Ukraine.The drastic step makes the use of cards issued in Russia outside the country implausible. Likewise, cards that were issued outside of Russia will stop working in Russia.Visa and Mastercard are the latest international brands taking harsh moves towards Russia over the Ukrainian conflict. Earlier, companies such as PayPal, Netflix, Intel, Inditex, Airbnb and Rolls Royce announced they were leaving the country's market.Russian banks, including Sberbank, Russia's biggest lender, as well as Alfa Bank and Tinkoff issued announcements regarding the switch to UnionPay due to the latest developments. Some of Russia's banks, like Pochta Bank, Gazprombank, Promsvyazbank, Sovcombank and several other minor banks had been previously working with the UnionPay card operator's system, RT reported.UnionPay, an international payment system founded in 2002, received international status in 2005. Headquartered in Shanghai, the company reportedly operates in more than 180 countries across the globe, including Switzerland, Greece, Italy, Spain, Germany, Mexico, Cyprus, Thailand, India, Israel, Portugal, Croatia, Poland, Serbia, Hungary, and Austria.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

University Of NicosiaFOLLOW

University of nicosia, Latest News

Tel Aviv, Sep 21 Israeli researchers have found the world's earliest known evidence of the use of opium, ... ...

The reset of diplomatic ties between Turkey and Israel may result in some new paradigm shifts at the regional ... ...

Nicosia, July 8 The annual inflation rate in Cyprus stood at 9.6 per cent in June, the highest ... ...

Nicosia, July 7 The government of Cyprus has reintroduced the indoor mask mandate, just over a month after ... ...

Nicosia, June 15 Ten European Union (EU) countries have accepted to participate in a migrant relocation plan, aimed ... ...

Nicosia, May 30 Cyprus and Israel have kicked-off their "biggest ever" joint military exercise in the Cypriot air, ... ...

Nicosia, May 1 Cyprus' inflation further increased in April this year, marking a spike of 8.6 per cent ... ...

New Delhi, March 6 Several Russian banks on Sunday announced plans to start issuing cards using the Chinese ... ...