Russia to implement China UnionPay as own national payment scheme.

While Russia’s ties worsen over the crisis in the Ukraine, Russian President Vladimir Putin is taking to China to implement a new payment scheme.

Russian President Vladimir Putin is heading to China to tighten its relations as plans on pushing out Visa and MasterCard of the Russian economy are coming into fruition. The President is scheduled to meet with officials in Beijing regarding long standing agreements and the addition of China's largest financial institution to Russia's local economy .

Along with oil, gas and an estimated 100 Sukhoi-Superjets, Putin will also be discussing the implementation of China UnionPay as Russia’s own national payment scheme. This comes as a result of Visa and MasterCard suspending operations in the country as part of sanctions resulting from the crisis in Crimea.

China UnionPay has seen staggering growth in a short time frame, and processed over $3.5 trillion in 2013, making China UnionPay the largest debit card firm in the world.

Although MasterCard and Visa have resumed operation in the region, Russia’s move of integrating China UnionPay as the national payment scheme will help prevent issues that may arise in the future as a result of the situation currently in the Ukraine.

SOURCE