6 ms·

If I recall correctly, Russia required that Visa/Mastercard had offices and payment services located in Russia and they simply nationalised those branches and e

If I recall correctly, Russia required that Visa/Mastercard had offices and payment services located in Russia and they simply nationalised those branches and everyone's cards continued to work within Russia with minimal disruption to internal trade.

cpursley 8mo ago
That's not what happened. They already had been working on MIR for a while. Then Visa/Mastercard pulled out due to sanctions over the war. The retailers actually prefer MIR now as it's newer/better tech plus lower fees and government likes it because they can track every little detail (when they were a bit in the dark before). Consumers seem to prefer the payment systems - faster transfers, QR code payments and scan face to pay terminals. https://en.wikipedia.org/wiki/Mir_(payment_system) https://en.wikipedia.org/wiki/Mir_(payment_system)
- general1465 8mo ago
  Which is what Europe is doing by implementing Digital Euro to replace Visa/Mastercard/Apple Pay/Google Pay https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html https://www.ecb.europa.eu/euro/digital_euro/html/index.en.ht...
  - cpursley 8mo ago
    Nice. I assume there's a card system as well?
    - general1465 8mo ago
      Replacement of Visa/Mastercard implies that.