Mastercard and Visa's chances for a substantial comeback appear to be minimal, as stated by Andrei Kostin.
Title: Visa, Mastercard Remain Absent - Russia Secretly Discussing UnionPay Return and potential New Competition
Hey there! So, the big cheese at VTB, Andrey Kostin, doesn't see a bright future for Visa and Mastercard returning to the Russian market. Now, they're mulling over the idea of restoring UnionPay operations - even engaging with friendly countries in discussions, according to TASS.
Andrey's stance is clear: the return of Visa and Mastercard would only happen when sanctions take a vacation, which ain't happening anytime soon. He ain't holding his breath, let me tell ya!
Remember Visa and Mastercard ditching Russia in 2022? Well, the Honcho of the State Duma's Financial Market Committee, Anatoly Aksakov, thinks they might be back, with a shred of hope in the near future. He believes they lost a juicy market but re-entering it would be tough since citizens have gotten used to new systems, and the NSPK's shown some serious tech skills and efficiency.
Dmitry Dubynin, NSPK's bossman, hasn't received any teasers from Visa and Mastercard about their comeback plans. Central Bank Chair Elvira Nabiullina considers the entire discussion premature. Apparently, the payment systems haven't approached the regulator yet.
So, what gives? Well, while Visa and Mastercard are holding out on Russia, China's UnionPay could potentially barge its way in. The discussions to resume UnionPay operations in Russia are on the table, and it's all quite cozy, if you catch my drift.
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(FYI, it seems that negotiations are still in the early stages, and a concrete timeline for any changes hasn't been established yet. However, if Visa and Mastercard do decide to return, they'll have to deal with competition from established local systems. UnionPay's potential return could offer an alternative for international transactions within Russia, given the current limitations.)
- Andrey Kostin, the big cheese at VTB, expects the restoration of UnionPay operations to occur before the return of Visa and Mastercard to the Russian market.
- Anatoly Aksakov, the Honcho of the State Duma's Financial Market Committee, believes there's a chance Visa and Mastercard may return to the Russian market in the near future, but admits it would be difficult due to the adaptation of local systems and the efficiency demonstrated by the NSPK.
- Dmitry Dubynin, NSPK's bossman, has not received any indications from Visa and Mastercard regarding their potential return to the Russian market.
- If Visa and Mastercard continue to be absent from the Russian market, China's UnionPay could potentially emerge as a new competitor and resume operations in Russia, offering an alternative for international transactions within the country.
