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by a_humean 146 days ago
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.
1 comments
cpursley 146 days 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)

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general1465 146 days 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.ht...

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cpursley 146 days ago
Nice. I assume there's a card system as well?
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general1465 146 days ago
Replacement of Visa/Mastercard implies that.
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