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Russian Banks propose new payment system
Alfa-Bank CEO Vladimir Verkhoshinsky raised the issue of creating a new payment system to compete with the Mir card, operated by the National Payment Card System (NSPK), a 100% subsidiary of the Bank of Russia.
“There are three systems in the US, and even Uzbekistan has four. This would boost innovation in our country, eliminate monopolies, ensure the system resilience for our citizens, and so on,” the banker said at the plenary session of the Finopolis-2025 forum.
According to Vladimir Verkhoshinsky, Alfa-Bank is ready to invite banks, non-bank credit institutions, Big Tech, and Yandex (adviser Tigran Khudaverdyan attended the session), and organize such a discussion, if supported by the Central Bank of Russia. “And we will have a practical solution from this Finopolis in addition to theoretical discussions," Verkhoshinsky stated.
The Bank of Russia is ready for such dialogues if the market comes to an agreement and intends to create an alternative to the payment system, Bank of Russia Governor Elvira Nabiullina stated during the session. “If market participants, especially banks, are willing to spend funds not on lending, but on creating an alternative, why not then?” she said.
“We're ready, we'll work it out. We'll come and show you,” Verkhoshinsky assured.
However, Nabiullina also noted that if something in the existing payment system is unsatisfactory (as regards tariff policy, predictability, etc.), it might cost less to make the system more open and enhance confidence in it.
Source: VEDOMOSTI