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Central Bank to Pick Platform for National Payment System by Mid-July

Published: July 9, 2014 (Issue # 1819)



  • Central Bank head Elvira Nabiullina. The bank is yet to choose a company to create the new national payment system.
    Photo: Denis Abramov / Vedomosti

TheCentral Bank has delayed thedecision toselect thecompany that will create Russias new national payment system byabout two weeks, theregulators head, Elvira Nabiullina, said July 1 ata banking conference inSt. Petersburg.

President Vladimir Putin signed alaw onthe creation ofa national payment system inMay after Visa andMasterCard stopped servicing two Russian banks that had been blacklisted bythe U.S. inresponse tothe annexation ofCrimea.

Aworking group has been tasked with choosing thebest option fromtwo potential payment systems theUniversal Electronic Card, or UEC, developed byleading Russian lender Sberbank, or theGolden Crown money transfer system that has more than 40,000 branches inRussia, theCommonwealth ofIndependent States andother countries.

Thedecision was expected onJuly 1, but theworking group now has until mid-July toreach adecision. Nabiullina said that ashortlist ofcandidates already exists, but declined toname any ofthem, PRIME reported.

Sberbank head German Gref said Tuesday that he wants his organization todevelop theUEC system even if it is overlooked as theplatform forthe national payment system, Gazeta.ru reported.

Anew type ofelectronic chip has already been developed forthe UEC, but it will take about 18 months toreach full scale production, Kommersant reported inJune.

Explaining Sberbanks interest inthe project, Gref said that thebanks main competitors inthe coming years were likely tobe online payment systems such as Yandex.Money, Qiwi andWebMoney, which are providing stiff competition fortraditional banks.





 


ALL ABOUT TOWN

Friday, Jan. 30 through Wednesday, Feb. 4



A retrospective of the films of Roman Polanski starts today at Loft-Project Etagi, 74 Ligovsky Prospekt, with a screening of Repulsion at 7 p.m. and Rosemarys Baby at 9:15 p.m. The series runs through Feb. 4 and will include Polanski's eminently creepy The Tenant, the cult comedy The Fearless Vampire Killers and Cul-de-sac among others. Tickets are 150-200 rubles and the complete schedule is available at www.vk.com/artpokaz/



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