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Japanese Card Payment System Eyes Russia Print E-mail
by Tom McGregor    Mon, May 26, 2014, 01:34 AM

Japanese corporations are investing big time in Russia amidst US and EU sanctions on Moscow.

According to Ria Novosti, "Japanese payment system (JCB) resumed moves to enter the Russian market and in the near future may submit the necessary paperwork to the Russian Central Bank, Russian newspaper Kommersant reported Monday."

Vilen Timiarazev is quoted as saying that, “We have already become a JCB member, and have had experience with as an Aeroflot acquirer. Furthermore, according to existing agreements, we plan to carry out functions of a settlement bank for this system in Russia.”

As reported by Ria Novosti, "JCB is the largest payment system in Japan and one of the leading payment systems in the world, founded in 1961. Last year, sources in the Central Bank reported that the system is in talks with the Russian sovereign regulator to start its activities in Russia. Currently JCB cards are issued in 15 countries and accepted in 190 countries."

China and Japan could rake in enormous profits to fill in the void slower US and EU investments flowing into Russia.

To read the entire article from Ria Novosti, link here:

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