Posted on 04/20/2022 10:16:40 AM PDT by SpeedyInTexas
UnionPay is afraid to cooperate with a number of large Russian banks because of the risk of secondary sanctions, RBC learned. Sanctioned banks that issued such cards or planned to do so are forced to abandon projects
Large Russian banks that have been under blocking sanctions from Western countries will not be able to issue UnionPay cards, as the payment system is afraid to cooperate with them because of the risk of secondary sanctions. RBC was told about this by five sources in large banks, including those that fell under sanctions.
An interlocutor close to Sberbank said that the bank’s employees were told about such a decision by the Chinese payment system at a closed meeting, so Sberbank will not issue these cards. On March 6, the credit institution reported that Sberbank is considering the possibility of issuing a co-badged card of the Mir and UnionPay payment systems. The announcement came a month before Sberbank came under US blocking sanctions.
(Excerpt) Read more at rbc.ru ...
It is a pain to use in the US. It was never a good alternative to VISA/MC for Russians.
Supposedly, UnionPay has an agreement for interoperability with Discover Card. Reality is much different.
Just a couple of issues: UnionPay has 19 digits vs 16 digits for US cards. So hard to use on a website that will only accept 16 digits during entry.
UnionPay cards are usually issued with a chip. That is hard to use in the US. Need a card with a chip and a mag strip on the back. If you attempt to get a UnionPay card from a bank in China, insist on a chip and mag strip. If they say they don't have it, keep insisting until they grab such a card from a cabinet.
UnionPay with a mag strip will sometimes work in US. Near me the only ATM that would work was a WellsFargo ATM.
“I actually have a UnionPay card from CCB in China. “
I’m shocked, never thought you would be a card carrying commie...
UnionPay is the way to get money out of China. Just have to figure out the “ways” to use it.
Chinese Nationals can take out $50k per year.
Foreigners have to find workarounds. I still have $500k to get out.
If you had a visa and you had debt in it when they left, are you free and clear? These questions were never answered.
Mrs. BC could probably knock out that card in short order if that balance remains a problem... lol
I happen to know a Nigerian Prince who can help you. Please provide your account and routing numbers. /sarc
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