International payment system MasterCard has agreed with VTB 24 on mass production of their cards, although it is still the Bank placed emphasis on cooperation with Visa, according to the newspaper “Kommersant” with reference to sources in the banking market.
“The signing of agreements took place in the end of last year”, – said the interlocutor of the edition. The source reported that the share of MasterCard’s portfolio of VTB 24 is not yet established. Still VTB 24 has mainly focused on the issue of Visa cards, whose share, according to expert estimates, in the portfolio of the state Bank reached 70%.
As explained by the newspaper’s Vice-President of VTB 24 Ashot Simonyan, the Bank for many years cooperates with Visa and MasterCard mutually beneficial for partners. He confirmed that at the end of 2015 signed new contracts, which reflects the completion of the previously signed. But stressed that the terms of new contracts, as well as data on the distribution of the portfolio between the Bank cards of payment systems are trade secrets.
A key reason for the revision of the policy of relations with payment systems were differences in the strategy of both systems in Russia amid sanctions, sources said publication. In the spring of last year the Russian authorities announced the creation of a National system of payment cards (nvqs), after some Russian banks have come under U.S. sanctions. The Central Bank set the date of the transfer of the processing of all domestic card transactions to NPCs before April 1, 2015.
MasterCard signed with nvqs the relevant agreement on 30 December 2014 and 1 April 2015 managed to translate almost all traffic in nvqs, with the exception of cards of “Sberbank”. Visa went on the same step until 18 February 2015, therefore, violated the Statute. Subsequently bypassed Visa MasterCard, announcing its readiness to release with NPCs kobegenova card, so you can take national cards both in Russia and abroad. Visa not ready yet.
Experts interviewed by “Kommersant”, do not exclude gradual redistribution of the market of payment cards. Currently, it is estimated that Visa and MasterCard the market is shared in the ratio 60% to 30%. According to the publication, now MasterCard is negotiating on mass emission and with several other large banks.