OREANDA-NEWS The Bank of Russia has decided to support domestic manufacturers of bank cards under the condition of adequate pricing, Kommersant wrote, referring to the meeting of the Central Bank with the participation of bank card manufacturers.

The regulator noted that domestic card manufacturers will be supported under the condition of fair pricing of their products. If it is not met, the Central Bank will return to the issue of admitting foreign manufacturers, including companies from China, to Russia.

Experts added that for the sake of reducing dependence on physical cards one may consider the possibility of switching to virtual cards, as well as fast payment services.

Some market participants said that the admission of foreign card manufacturers to the market carries standard risks. It is a question of unpredictability, as supplies may be interrupted at any moment.

Earlier Kommersant, citing sources, reported that the Russian authorities are considering the possibility of allowing Chinese manufacturers of bank cards with embedded chip to the Russian market. In this case, foreign companies will only open representative offices in Russia, while the products themselves will come from China.