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On 30/05/2023, the founder of L&P made a comment on the economic news program of the MOSCOW-24 channel about the expansion of the Chinese UnionPay payment system, which has overtaken Visa in terms of the number of customers and transactions. The share of debit card transactions of the Chinese payment system in the global volume of transactions exceeded 40%. This is primarily due to the acceleration of economic development in the Asia-Pacific region and the slowdown in US GDP growth, experts explain. At the same time, users of UnionPay cards issued by Russian banks sometimes face failures and refusals to process payments abroad. “There is no formal discrimination against Russian UnionPay card users at the official level, but there may be technical failures in their service. These are often technical issues related to the interaction of Russian and foreign banks,” Alexander Linnikov notes.


You may view the news piece featuring Alexander Linnikov’s comment by following the link:
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