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    In this April 25, 2013 file photo, credit and debit cards are displayed for a photographer in Baltimore. Visa Inc. reports quarterly earnings on Thursday, April 24, 2014

    Visa Bank Cards to Continue Normal Operation in Russia After October 1

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    Earlier in the day, media reports suggested that Visa had notified Russian banks that it might not guarantee service of card transactions from October 1.

    MOSCOW (Sputnik) — Bank cards connected to the US-based Visa Inc. international payment system will function in Russia as normal and continue to do so after October 1, the press service of the payment system said Monday.

    Earlier in the day, media reports suggested that Visa had notified Russian banks that it might not guarantee service of card transactions from October 1.

    "We confirm that Visa cards in Russia functioned, function and will continue to function as normal after October 1, 2015," the press service told RIA Novosti.

    Visa was expected to switch its Russian processing operations to the National Card Payment System (NSPK) announced in 2014 by March 31, 2015, in an effort to reduce Russia's dependency on foreign payment systems.

    The Visa company failed to comply with the timing under the legislation to transfer processing of transactions made on its cards in Russia to the NSPK, which still needs to redirect a number of transactions to Visa.

    Visa stated that the notifications sent to Russian banks regarding transaction transfer processes were not connected with Visa cards operations in Russia and would not affect cardholders.

    The NSPK, alongside US credit card company MasterCard, as well as a number of major Russian banks, told RIA Novosti they were confident that card transactions in Russia would continue normally after October 1.

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    national payment system, banks, economy, Visa Inc, Russia
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