Zero Hedge — Russian Banks Switch To Chinese Card System As AmEx Joins Visa & MasterCard In Suspending Russian Operations

Russia already has a domestic card called Mir and is pursuing substitution with UnionPay for foreign payments.

Shanghai UnionPay is a competitor of Visa and Master Card. It surpassed Visa and Master Card, but not of its cards are in China. However, it operates in 180 countries. Its foreign account base is about to get a lot bigger as Russia substitutes. 

Will the US sanction UnionPay, which is where things will get interesting. China has already declared it will not observe financial sanctions, which it deems illegitimate.

The global economy and financial systems are bifurcating, giving the Global East and South options they did not have before. The population of the Global East and South is larger than that of the Global North and West, and the countries of the Global North and South are developing and still have a lot of room to grow.

Zero Hedge

Russian Banks Switch To Chinese Card System As AmEx Joins Visa & MasterCard In Suspending Russian Operations
Tyler Durden

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