Visa will no longer guarantee service operations with Russian cards

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Starting from October 1, Visa is planning to give up on guaranteed transactions for cards issued by Russian banks.

Visa has sent a letter to the system participants with a warning about changes in cards processing service. It was confirmed by the company.

«Visa announced that starting from October 1 all the authorization requests (the approval of the system for the operation) for local operations (in Russia) arrived to Visa are not guaranteed for processing,” – said one of the sources. He clarified that this means that Visa frees themselves from responsibility for refusing to process transactions.

Starting from October 1 the National Payment Card system will fully take over all operations previously performed by Visa. It is unclear whether the transition will be completed by the deadline. According to “Kommersant”, this should not result with failure because it will affect the reputation of Visa. In addition, market participants believe that Visa would not have been accepted this decision if they doubted the willingness of banks to assure its operability.

By law, Visa and Mastercard were to pass on the Russian domestic transaction for processing by NBTS before March 31. MasterCard, except for some banks, managed to do it. Visa started doing it later, and as a result of missing the deadlines, they had to place a security deposit with in the Central Bank. They have collected it afterwards.

Source: https://tvrain.ru/news/visa_otkazhetsja_ot_garantirovannogo_obsluzhivanija_operatsij_po_rossijskim_kartam-395222/