{"id":18461,"date":"2022-04-13T19:06:03","date_gmt":"2022-04-13T19:06:03","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=18461"},"modified":"2022-04-13T19:06:03","modified_gmt":"2022-04-13T19:06:03","slug":"russians-unable-to-use-chinese-credit-cards-for-online-purchases","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/13\/russians-unable-to-use-chinese-credit-cards-for-online-purchases\/","title":{"rendered":"Russians unable to use Chinese credit cards for online purchases"},"content":{"rendered":"
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\u00a0Russia cannot compensate for the departure of Visa and Mastercard by switching to the Chinese credit card UnionPay.<\/p>\n

This is according to the reports that came as Western businesses depart from Russia due to the sanctions imposed because of Moscow\u2019s war on Ukraine<\/a>.<\/p>\n

Online retailers based abroad have blocked payments using all cards issued in Russia, including those of UnionPay, Kommersant newspaper reported on Wednesday.<\/p>\n

Many people had hoped that they could make payments using cards issued by Chinese banks following the shutdown of Visa and Mastercard in Russia<\/a>.<\/p>\n

Some 500,000 UnionPay credit cards have been issued in Russia, a tenfold increase within a month, the report said.<\/p>\n

Most of the cards were digital and were issued for purchases online<\/a>.<\/p>\n

However, this has proved problematic as most global sellers and their banks no longer accept payment using cards issued in Russia.<\/p>\n

Theoretically, UnionPay could remedy the issue, but so far the Chinese credit card group has made no effort to do so, the report said.<\/p>\n

Western governments<\/a> imposed far-reaching sanctions on the financial sector and others after Russia began its invasion of Ukraine on Feb. 24.<\/p>\n

Many financial institutions have been excluded from the SWIFT banking communication network and Visa and Mastercard, the world\u2019s largest credit card operators, have suspended business in Russia.<\/p>\n

Cards issued in Russia have not been accepted abroad since March 10 and foreign<\/a> Visa and Mastercard cards no longer work in Russia.<\/p>\n

The Russian government promised to replace them with its own credit card system called Mir by switching to UnionPay cards.<\/p>\n<\/div>\n