On Jan. 12, the Russian Central Bank announced that the country’s new National Payment System (NPCS) and MasterCard signed a contract on Dec. 30 permitting the NPCS processing center to clear MasterCard transactions in Russia.
“The conclusion of this agreement enables us to gradually transfer Russian domestic MasterCard card transactions to NPCS processing,” the Central Bank said in a statement.
MasterCard for its part attributed the move to Russian legislation enacted last year requiring the transition to a new processing system. “We are doing everything required of us to ensure that this new form of work develops as smoothly as possible for all the parties involved. These changes will not affect cardholders in any way,” the company said in a statement.
MasterCard is the first international payment system to sign an agreement with NPCS. Visa is currently working with the Central Bank and the NPCS to reach an agreement acceptable.