UnionPay has limited cash withdrawals from cards of Russian banks
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The Chinese payment system UnionPay introduced a limit on withdrawing cash abroad from cards issued by Russian banks. According to RIA Novosti and TASS, the limits were set at 50,000 yuan a day or 500,000 yuan a year, or the equivalent in another currency.
In early March, the international payment systems Visa and MasterCard suspended their work in Russia. Against this background, Russians have increased demand for UnionPay cards. Many foreign online stores, however, do not accept payments with UnionPay cards issued in Russia, Kommersant learned. In April, RBC reported that UnionPay refused to cooperate with the banks that fell under the sanctions.
Since October 3, ATMs in Finland stopped maintenance of the UnionPay card due to the increased demand for cash from the Russians. On October 5, it became known that UnionPay cards of Russian banks stopped accept in Spain, Czech Republic and Cyprus. According to Vedomosti, the holders of the Chinese UnionPay are 2% of Russians.
About how the Russian card market has changed with the departure of Visa and Mastercard – in the material “Kommersant” “Cards on the table!”.
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