Page 39 - GS140601
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CoverStory
bank account and merchant account
before integrating with the local net- "I think Russians have woken up to
work. Once processing begins the consumerism in a big way. They are one of the
company is required to use the ser-
vices of a local tax attorney, federal biggest spenders amongst travelers outside of the
tax attorney and central banking ac- Chinese, Japanese and Germans, and they have
countant. money. A lot of it is oil wealth, but there is also
Brown completed all 12 steps new wealth that has come in."
before opening PayScout Brazil
as a subsidiary in 2013. PayScout – Pradeep Moudgal, Mercator Advisory Group
offers ISO partners a white-label
e-commerce program for their U.S.-
based merchants to sell into Brazil,
which can be set up in about two
weeks time.
Bold new Russia
While Western political exchange
with Russia has been tumultuous
in recent months, some payment
providers see a bright spot in the
future for this region. The political
situation escalated in March when
U.S. government sanctions targeting
Russian officials and Bank Rosiya
in response to Russia's seizure of
Crimea ultimately forced Visa Inc.
and MasterCard Worldwide to shut-
ter service to that bank and three
other Russian banks.
Visa and MasterCard together pro-
cess about 90 percent of Russia's card
payments. To ensure stability in the
card payments system moving for-
ward, a bill approved by the Russian
parliament in April was signed into
law by Russian President Vladimir
Putin to establish a national card
payment system in Russia. Ana-
lysts estimate it could take from six
months to two years to establish the
new system. The goal is to reach 100
million cardholders.
Also stipulated under the new law
are measures that would impose
fines for denial of service and man-
datory quarterly security deposits
by foreign-owned payment systems
to the Central Bank of Russia start-
ing in July 2014. On May 23, Visa and
MasterCard executives met with se-
nior Russian officials, who said they
would consider easing payment re-
quirements outlined in the new law.
39
bank account and merchant account
before integrating with the local net- "I think Russians have woken up to
work. Once processing begins the consumerism in a big way. They are one of the
company is required to use the ser-
vices of a local tax attorney, federal biggest spenders amongst travelers outside of the
tax attorney and central banking ac- Chinese, Japanese and Germans, and they have
countant. money. A lot of it is oil wealth, but there is also
Brown completed all 12 steps new wealth that has come in."
before opening PayScout Brazil
as a subsidiary in 2013. PayScout – Pradeep Moudgal, Mercator Advisory Group
offers ISO partners a white-label
e-commerce program for their U.S.-
based merchants to sell into Brazil,
which can be set up in about two
weeks time.
Bold new Russia
While Western political exchange
with Russia has been tumultuous
in recent months, some payment
providers see a bright spot in the
future for this region. The political
situation escalated in March when
U.S. government sanctions targeting
Russian officials and Bank Rosiya
in response to Russia's seizure of
Crimea ultimately forced Visa Inc.
and MasterCard Worldwide to shut-
ter service to that bank and three
other Russian banks.
Visa and MasterCard together pro-
cess about 90 percent of Russia's card
payments. To ensure stability in the
card payments system moving for-
ward, a bill approved by the Russian
parliament in April was signed into
law by Russian President Vladimir
Putin to establish a national card
payment system in Russia. Ana-
lysts estimate it could take from six
months to two years to establish the
new system. The goal is to reach 100
million cardholders.
Also stipulated under the new law
are measures that would impose
fines for denial of service and man-
datory quarterly security deposits
by foreign-owned payment systems
to the Central Bank of Russia start-
ing in July 2014. On May 23, Visa and
MasterCard executives met with se-
nior Russian officials, who said they
would consider easing payment re-
quirements outlined in the new law.
39
