Some Russian bank customers have been cut off from Apple Pay and Google Pay

0

Customers of a number of banks in Russia can no longer use their bank cards with Google Pay and Apple Pay due to new financial sanctions imposed on the country, as reported Initiated. According to a press release from the Central Bank of Russia, the financial institutions affected include VTB Group, Sovcombank, Novikombank, Promsvyazbank and Otkritie FC Bank.

Although customers can still use bank cards from these institutions in Russia, they will no longer be working abroad or when making online payments at stores and services belonging to countries that have imposed sanctions on the Russia. This also includes card payments via Apple Pay and Google Pay, although the Central Bank says contactless payments will still be available with bank cards themselves, given that they support it.

Google and Apple did not immediately respond to The edgerequest for comment.

Google Pay and Apple Pay are not as popular in Russia as they are in the United States. According to statistics recorded in 2020, the most popular mobile payment service in Russia was the Russian company Sberbank Online, followed by YooMoney (formerly Yandex Money) and QIWI, two other Russian payment service providers. At the time, 29% of Russians said they used Google Pay, while 20% used Apple Pay.

Several countries have imposed financial sanctions on Russia following its invasion of Ukraine. According to Ursula von der Leyen, President of the European Commission, the sanctions issued by the European Union target 70% of the Russian banking network. The United States imposed sanctions on Sberbank and VTB Bank, two of Russia’s largest financial institutions, while the United Kingdom froze the assets of five Russian banks.

As nations weigh in to block Russia from SWIFT (Society for Worldwide Interbank Financial Telecommunication), the financial system used to communicate transactions across the globe, the US, EU and UK are poised to directly impose sanctions on Russian President Vladimir Putin.

Share.

Comments are closed.