Transactions on Visa and MasterCard will be processed in the territory of Russia

Elvira Latypova

At the Bank Congress in St.-Petersburg Roman Prokhorov, the director of department of settlements regulation of the Central Bank declared about intention of the Bank of Russia to start the Processing Centre of in-Russian transactions in July, 2014.

Under the law «On National Payment System» from the next year settlements on cards of the international payment systems should be processed in Russia. After creation of the Processing Centre of in-Russian transactions Visa and MasterCard should process card transactions through this centre.

“We are going to lower for banks a transaction fee in comparison with what they pay now, because the Bank of Russia (under the law) has no purpose to earn profit. We will cover our expenses only,” the web portal Bankir.ru quotes Prokhorov. “But the main thing is that we get an opportunity to regulate an interchange fee (acquirer’s fee to the card emitter), which is here twice more than in Europe.”

Abroad such commission makes 0,5-0,7 percent, and in Russia — 1,4-1,5 %.

However, the overall objective of the in-Russian transactions Processing Centre creation is national safety, Banki.ru marks.

#banks #transaction #card #visa

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