Russia’s MDM Bank joins China’s Union Pay

Russia’s MDM Bank, one of the country’s top 30 banks, has joined Chinese payment system Union Pay, the bank said in a statement on Wednesday.
“After the project’s technical implementation owners of Union Pay cards will be able to receive cash in MDM Bank’s ATMs and pay in stores and malls which are serviced by the bank,” the bank said.
Previously, Union Pay’s representative in Russia Fan Zhiguang said the number of the system’s cards in Russia will reach 2 million within three years.
The Chinese system and Japan’s JCB will work in co-branding with the operator of the Russian national payment system, whose establishment was ordered by President Vladimir Putin after Visa and MasterCard stopped processing cards of some country’s banks due to sanctions imposed on the country by the US.