Russian banks rush to switch to Chinese card system

UnionPay, a Chinese credit card company, displays on the exhibit hall floor during the Money 20/20 conference in Las Vegas, Nevada, U.S. on October 24, 2017. REUTERS/Steve Marcus

March 6 (Reuters) - Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa and MasterCard said they were suspending operations in Russia.

Announcements regarding the switch to UnionPay came on Sunday from Sberbank (SBER.MM), Russia's biggest lender, as well as Alfa Bank and Tinkoff.

Reporting by Reuters;Editing by Elaine Hardcastle

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