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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

Thursday, Aug. 21


Time is running out to see the fantastic creations on display at the 2014 Sand Castle Festival on the beach at the Peter and Paul Fortress. Adhering to the theme of Treasure Island, visitors can wander amongst larger-than-life interpretations of pirate life or attend one of the workshops held to educate a future generation of sand artists. The castles will remain on the beach until Aug. 31.



Friday, Aug. 22


Get ready to pledge allegiance to the flag during National Flag Day, paying tribute to when, 23 years ago today, the iconic hammer-and-sickle was replaced with the tricolor that now flutters in the wind. Petersburgers will be treated to a free concert on Palace Square, a military parade and a culminating air show featuring Russias Russian Knights stunt pilots.



Saturday, Aug. 23


Uppsala Park plays host to Fairy Noon today, a performance of five separate fairy tales ranging from folk classics to more haunting selections. There will be three different renditions of the tales throughout the day and tickets start at 500 rubles ($13.80) for adults and 300 rubles ($8.30) for children.


Classic Finnish cartoon characters the Moomins expect to receive a warm welcome from Russian fans during todays Moomin Festival at the Pearl Plaza Shopping Center at 51 Petergofskoye Shosse. Become a kid again or introduce a new generation to the beloved creation of Finnish writer Tove Jansson.



Sunday, Aug. 24


The tortured genius of Dutch master Vincent van Gogh gets his day in the centers Konnushnaya Ploschad during Make Art Like Van Gogh, a daylong celebration of the artist that will allow amateur artists to try and replicate the work that made the famed painter world-renowned.


Experience a variety of dances highlighting the diversity of the world around as at the final day of the Ethno-Dance International Dance Festival that has been at the St. Petersburg Humanitarian University of Trade Unions this past week. Tonights performance will feature Egyptian dancers accompanied by local orchestras.



Monday, Aug. 25


Today kicks off the Elena Obraztsovoy International Competition for Young Vocalists in the large hall of the Shostakovich Philharmonic. Talented youngsters will showcase their range over the next six days before a winner is chosen on Aug. 30.



Tuesday, Aug. 26


Love movies but hate all those words? Then check out Rodina Cinema Centers Factor of Consensus film forum this evening. Silent movie classics from the beginning of the 20th century will be screened and accompanied by a pianist, who will provide the soundtrack for the ongoing action. The screenings begin at 7 p.m. Check Rodinas website for more details.



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