News Forum - Mastercard and Visa suspend services in Russia, Russian banks downplay effects

[Thaiger]

Mastercard and Visa announced yesterday that they will suspend services in Russia. Visa cards issued in Russia will also stop working outside the country. United States President Joe Biden welcomes the suspension. Meanwhile, Russian banks downplay the effects it will have on their clients. The Russia Central Bank stressed that cards would still operate normally “until their expiration date”. The central bank warned russians, however, that they should carry other means of payment when travelling. Mastercard said a part of why they decided to suspend services in Russia was the “uncertain economic environment” created by the conflict. But another reason […]

The story Mastercard and Visa suspend services in Russia, Russian banks downplay effects as seen on Thaiger News.

Read the full story

[Fundok]

37 minutes ago, Thaiger said:

Mastercard and Visa announced yesterday that they will suspend services in Russia. Visa cards issued in Russia will also stop working outside the country. United States President Joe Biden welcomes the suspension. Meanwhile, Russian banks downplay the effects it will have on their clients. The Russia Central Bank stressed that cards would still operate normally “until their expiration date”. The central bank warned russians, however, that they should carry other means of payment when travelling. Mastercard said a part of why they decided to suspend services in Russia was the “uncertain economic environment” created by the conflict. But another reason […]

The story Mastercard and Visa suspend services in Russia, Russian banks downplay effects as seen on Thaiger News.

Read the full story

Bad for the Russians that will be stranded financially now in Thailand & given that there will be hardly any outbound flights to Russia this will keep between a rock and a hard place. But then again, these troubles are nothing against the Ukrainians suffering from Russian bombs and artillery shells, with no water, food or electricity at freezing temperatures.

[KRLMRX]

Russia has its own MIR payment system, which operates in such tourist destinations as Turkey, Cyprus, the United Arab Emirates, and Vietnam. I think Thailand will join it soon.

In addition, there is the Chinese UnionPay system, which operates worldwide, Russian banks also issue bank cards with this system.

That is, from the point of view of the daily use of bank cards, nothing has changed, except for the problems of those who are now abroad.

So why did it have to be done? MIR and UnionPay developers say thank you.

[ThaiEyes]

With Swift, Mastercard, Visa suspending services, Russians are hurting if they want to vacation anywhere other than Russia. Staycation anyone?

[KRLMRX]

36 minutes ago, ThaiEyes said:

With Swift, Mastercard, Visa suspending services, Russians are hurting if they want to vacation anywhere other than Russia. Staycation anyone?

it is not so

https://en.m.wikipedia.org/wiki/Mir_(payment_system)

https://m.unionpayintl.com/en/servicesProducts/products/unionPayCard/apply/

 

Edited March 6, 2022 by KRLMRX

[1l1]

2 hours ago, ThaiEyes said:

With Swift, Mastercard, Visa suspending services, Russians are hurting if they want to vacation anywhere other than Russia. Staycation anyone?

Poor Chinese, how do they travel anywhere other than China without Visa and Mastecard.  

[Philly]

I’ve met many Russians and they were rude and aggressive. I won’t judge any country on a bad few people. 
I’ve met people from the uk, just the same.

In my opinion Russian citizens should stand up and stop death and violence with every other country.

My country is strong it’s helping Ukraine food money everything. And my country is suffering too, but these beautiful people are welcome.

love and peace. Please no smart remarks 

[Artemis080]

10 hours ago, 1l1 said:

Poor Chinese, how do they travel anywhere other than China without Visa and Mastecard.  

Exactly. Russian banks are already moving towards UnionPay, accepted by 90% of merchants and ATMs in Thailand.
https://www.reuters.com/business/finance/russian-banks-rush-switch-chinese-card-system-2022-03-06/

[Leo]

15 hours ago, 1l1 said:

Poor Chinese, how do they travel anywhere other than China without Visa and Mastecard.  

With UnionPay cards that have an annual withdrawal limit of $15,000 and wiring money (with SWIFT primarily) that has an annual limit of $50,000 for all transactions including UnionPay, aka "capital controls".

Edited March 7, 2022 by Leo

[Poolie]

39 minutes ago, Leo said:

With UnionPay cards that have an annual withdrawal limit of $15,000 and wiring money (with SWIFT primarily) that has an annual limit of $50,000 for all transactions including UnionPay, aka "capital controls".

As discussed elsewhere, seldom a problem for the thinking man.

[HiuMak]

18 hours ago, 1l1 said:

Poor Chinese, how do they travel anywhere other than China without Visa and Mastecard.  

Wechat Pay and Alipay are also used outside of China. 7-11 in Thailand accepts. 

[Humanbeing]

Russian don't care these sanctions. Mr Putin has ordered all the banks to issue Union Pay (Chinese) cards to all the account holder at immediate basis. Visa and Mastercard companies got a worst slap back on their face by Russia as they are moving to China payment network. The hypocrite EU and US governments can't do anything against Russia but only stupid kind of sanctions that have nothing value to Russia. Mr Putin has now strong network with China, Afghanistan, Pakistan, Turkey, Saudi Arabia, Iran, North Korea and major Russian states. Mastercard and Visa companies are kind of beggars in front of the world after Russian and so many other countries are shifting their banks to Union Pay.

[Naanlaew]

And I'm sure he also requested those new credit & debit cards be delivered  by overnight express so those outside the country  can check out from their hotel/resort and charter a plane  back to the motherland. 

Edited March 7, 2022 by Naanlaew

[CamPat]

9 hours ago, Humanbeing said:

Russian don't care these sanctions. Mr Putin has ordered all the banks to issue Union Pay (Chinese) cards to all the account holder at immediate basis. Visa and Mastercard companies got a worst slap back on their face by Russia as they are moving to China payment network. The hypocrite EU and US governments can't do anything against Russia but only stupid kind of sanctions that have nothing value to Russia. Mr Putin has now strong network with China, Afghanistan, Pakistan, Turkey, Saudi Arabia, Iran, North Korea and major Russian states. Mastercard and Visa companies are kind of beggars in front of the world after Russian and so many other countries are shifting their banks to Union Pay.

Does any Thai Bank issue Union Pay Credit Cards ? My Bank issued Visa and Union Pay several years ago already. It came in hand when booking a flight with Air Asia cause the online fee was only 2 USD with Union Pay compared with 8 USD using Visa. Now the World has changed over night and it's good to know that there alternatives to Bitcoin etc.

[Stardust]

On 3/7/2022 at 4:57 AM, Artemis080 said:

Exactly. Russian banks are already moving towards UnionPay, accepted by 90% of merchants and ATMs in Thailand.
https://www.reuters.com/business/finance/russian-banks-rush-switch-chinese-card-system-2022-03-06/

I guess you really not understand the swift system because also the Chinese have to use swift including union pay!

[Stardust]

2 hours ago, CamPat said:

Does any Thai Bank issue Union Pay Credit Cards ? My Bank issued Visa and Union Pay several years ago already. It came in hand when booking a flight with Air Asia cause the online fee was only 2 USD with Union Pay compared with 8 USD using Visa. Now the World has changed over night and it's good to know that there alternatives to Bitcoin etc.

Union pay has to use the swift, too

[Stardust]

The Putin and still not understand the swift or what visa and mastercard anounced. A short translation for them

The swift and creditcards over russian bank was already down before what they anounced means they suspend all operation in Russia and it means for all banks over the world. Means even you have a credit card over American or european bank or any other country the credit card wpuldn't work in Russia. They all didn't understand anything about swift or what visa and mastercard anounced.

[Stardust]

47 minutes ago, Stardust said:

The Putin and still not understand the swift or what visa and mastercard anounced. A short translation for them

The swift and creditcards over russian bank was already down before what they anounced means they suspend all operation in Russia and it means for all banks over the world. Means even you have a credit card over American or european bank or any other country the credit card wpuldn't work in Russia. They all didn't understand anything about swift or what visa and mastercard anounced.

.....the Putin and Xi posters still not understand...

Short correction because the edit time was over, sometimes parts get kicked out while writing fast..

[KRLMRX]

1 hour ago, Stardust said:

Union pay has to use the swift, too

it is not true.

You do not need Swift to work within the Union Pay network.

[Guest1]

13 hours ago, Naanlaew said:

And I'm sure he also requested those new credit & debit cards be delivered  by overnight express so those outside the country  can check out from their hotel/resort and charter a plane  back to the motherland. 

Many of the chinese payment methodes are done by app.

So you get a virtuell card, inside your bank account mail box, perhaps, or a real one to a family member at home, so you have the details you need to bind it to we pay or which ever chinese payment system suits you. And I think, you can even cash out some money with we pay. 

I would not be too surprised, if that is cooling down in a couple of days. On the russian money front. Perhaps the backflights is the bigger problem?

Also, why is TAT not anouncing the arrival.numbers, these days? ;-)

[Poolie]

Chinese banks will issue Visa and Mastercard as well. Union Pay is standard in China. It works in many countries.

[Stardust]

39 minutes ago, KRLMRX said:

it is not true.

You do not need Swift to work within the Union Pay network.

Ok go to a atm and try

[Cabra]

Unionpay is only as helpful to the consumer as the number of merchants who accept unionpay enabled credit/debit cards. Not as big a problem if you live in China or the Indochina peninsula. A much bigger probably if you live anywhere else. There are always workarounds. Still would not want any of my accounts denominated in Rubles, regardless. 

[Stardust]

11 minutes ago, Cabra said:

Unionpay is only as helpful to the consumer as the number of merchants who accept unionpay enabled credit/debit cards. Not as big a problem if you live in China or the Indochina peninsula. A much bigger probably if you live anywhere else. There are always workarounds. Still would not want any of my accounts denominated in Rubles, regardless. 

All the atms work over swift , that means including union pay.

[riclag]

The seal of approval from the leader of the free world!  Sad  imop.

It should of never got this far, thanks 46   Imop