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Central Bank to Pick Platform for National Payment System by Mid-July

Published: July 9, 2014 (Issue # 1819)



  • Central Bank head Elvira Nabiullina. The bank is yet to choose a company to create the new national payment system.
    Photo: Denis Abramov / Vedomosti

TheCentral Bank has delayed thedecision toselect thecompany that will create Russias new national payment system byabout two weeks, theregulators head, Elvira Nabiullina, said July 1 ata banking conference inSt. Petersburg.

President Vladimir Putin signed alaw onthe creation ofa national payment system inMay after Visa andMasterCard stopped servicing two Russian banks that had been blacklisted bythe U.S. inresponse tothe annexation ofCrimea.

Aworking group has been tasked with choosing thebest option fromtwo potential payment systems theUniversal Electronic Card, or UEC, developed byleading Russian lender Sberbank, or theGolden Crown money transfer system that has more than 40,000 branches inRussia, theCommonwealth ofIndependent States andother countries.

Thedecision was expected onJuly 1, but theworking group now has until mid-July toreach adecision. Nabiullina said that ashortlist ofcandidates already exists, but declined toname any ofthem, PRIME reported.

Sberbank head German Gref said Tuesday that he wants his organization todevelop theUEC system even if it is overlooked as theplatform forthe national payment system, Gazeta.ru reported.

Anew type ofelectronic chip has already been developed forthe UEC, but it will take about 18 months toreach full scale production, Kommersant reported inJune.

Explaining Sberbanks interest inthe project, Gref said that thebanks main competitors inthe coming years were likely tobe online payment systems such as Yandex.Money, Qiwi andWebMoney, which are providing stiff competition fortraditional banks.





 

ALL ABOUT TOWN

Wednesday, Sept. 3


Although the Peter and Paul Fortress sand sculptures are more central and therefore more visible to the throngs of tourists, the 300th Anniversary Park of St. Petersburgs own collection closes today. The World Collection of Sand Sculptures that have been on display at the park reaches its final day, so fans of the classic beach activity should get there while they can.



Thursday, Sept. 4


Vladimir I. Danchenkov, Head of Baltic Customs, will be in attendance during AmChams Customs and Transportation Committee Meeting convening this afternoon at the organizations office near St. Isaacs Square at 3 p.m.



Friday, Sept. 5


Scrabble lovers and chess masters get their chance to assert their intellectual dominance at the return of the British Book Centers Board Game Evenings tonight. Held weekly on Friday nights, the event gives both board game lovers and those hoping to improve their English the chance to meet, greet and compete. Check out the centers VK page for more details.



Saturday, Sept. 6


Athletes will relish the chance to get the latest gear and try out something new at I Choose Sport, an annual event at Lenexpo forum that plans to welcome more than 30,000 people this week to the international exhibition center. Not only will visitors get to try their hand at various athletic endeavors but they will also be able to peruse equipment that can fulfill their dreams of becoming a champion.


Local KHL team SKA St. Petersburg open their season this evening at home against Lokomotiv Yarovslavl at the Ice Palace arena next to the Prospekt Bolshevikov metro station. See their website for a full schedule and available tickets.



Sunday, Sept. 7


Check out retro and antique cars at Fort Konstantin on Kronstadt Island in the Gulf of Finland at FORTuna, a yearly car festival that highlights the eccentricities of the Soviet automobile industry. A car race, contests and a stunt show will give visitors a chance to rev their engines.



Monday, Sept. 8


This evening marks the opening of the two-week ballet festival High Season at the Mikhailovsky Theater. Check the theaters website for more details about performances and featured dancers.



Tuesday, Sept. 9


Discuss the latest news and issues at the AmCham Hazardous Waste Management Roundtable this morning in the Tango Conference Hall of the Sokos Hotel Palace Bridge on Birzhevoy Pereulok. Starting at 9 a.m., planned topics include the Krasny Bor landfill and waste transportation between Russia and Finland.


Learn more about the citys modern architectural trends at the SPIBA Real Estate and Construction Committees meeting on the topic Contemporary Petersburg Style: What is It? Participants will get the chance to discuss whats in-demand with RBI Holdings Irina Petrova and Lubava Pryanikova, and the current state of the local real estate market. Please confirm your attendance by Sept. 5 through SPIBAs website if you wish to attend.



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