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9 Jun, 2008 06:07

Russia’s biggest banks team up to rival Visa & MasterCard

Russia’s biggest banks team up to rival Visa & MasterCard

Russia’s two largest banks have teamed up to create the United Russian Payment System (ORPS), in a bid to rival Visa and MasterCard, Sberbank CEO German Gref says. VTB agreed to join Sberbank after the name of the scheme was changed from ‘Sbercart’.

The system is currently teamed up with 17 banks, 40 more have applied, and over 300 depositary institutions are on talks.

The system infrastructure numbers over 12 thousand ATMs and over 10 thousand cash dispensers.

Upward of 25 thousand shops and service points accept these cards.

“We have a letter of agreement from VTB,” Gref said.

VTB has former voiced its interest in the “Sbercart” payment system aiming to develop acquiring on its basis. The prior condition for VTB to join was re-naming of the system.