Russia to create national payment system, Putin says

The decision of several foreign companies to restrict the work of their payment systems in Russia will deprive them of the lucrative market, Putin believes. He noted that Russia would have to defend her interests, including through the creation payment systems of her own.

"It is regrettable that several companies have decided to introduce certain restrictions. I think it will lead to the loss of certain segments of the market for them, which is a very profitable market," ITAR-TASS quoted Putin as saying.

"But this is not our decision, we need to protect our interests, and we will create a national payment system," he said at a meeting with members of the Federation Council. " In countries, such as Japan and China, these systems work very well. They launched the systems as national systems to service their markets, their own territory and population. These systems have been gaining more popularity recently," said the president.

Federation Council Speaker Valentina Matviyenko also urged the government to accelerate the creation of the national payment system and adopt the law concerning the prohibition to locate operation centers outside the Russian Federation.