Major Japanese payment system halts work in Russia – media

Major Japanese payment system halts work in Russia – media

Japanese payment system JCB is suspending operations in Russia amid economic sanctions placed on Russia amid Moscow’s military operation in Ukraine, Japan’s Jiji news agency reported on Tuesday.

According to the publication, JCB cards issued in Russia will become unavailable for use abroad from March 14. From the same day, cards of the Japanese payment system issued abroad will become unavailable for use in Russia.

Earlier, Japanese media reported that the company’s management was considering only a partial suspension of operations, targeting banks that are already on the sanctions list.

Mir-JCB cards in Russia used to be issued by Gazprombank, Dalnevostochny Bank, Rosselkhozbank, and Almazergienbank.

Last week, two other major payment providers, Visa and Mastercard, announced the suspension of activities in Russia until it “becomes appropriate” to resume them. This means that cards issued by these providers in Russia will not work outside the country, and those issued by foreign financial institutions will not work in Russia. At the same time, the cards themselves will continue to work within the country via Russia’s domestic payment service, NSPK.

The Central Bank of Russia announced that the money on Visa and MasterCard-linked Russian accounts will be available until the cards expire, but the cards, for now, cannot be reissued. In addition, cross-border transactions and purchases from foreign online stores with Visa and Mastercard cards will not be available, as well as payments via Apple Pay and Google Pay. Russian citizens can still use their Mir cards for contactless payments, however.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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