Russian banks Sberbank, Uralsib and Ak Bars are to participate
in the country’s universal electronic card (UEC) project, which
aims to unify social, pension, medical and identification cards in
the country.
The card could also be used to pay public transport fares.
Go deeper with GlobalData
The UEC project sets out to modernise banking, encouraging
citizens to use non-cash alternatives for payments.
According to Russian minister of economic development, Elvira
Nabiullina, the requirements, such as capital, for banks to adopt
and create universal electronic cards will be determined by
mid-March.
“The cost of the project is always
approximate. Our estimate now is around RUB150bn-RUB170bn
($5.24bn), mainly due to the project’s private participants,”
Nabiullina said.
Issuing the cards would cost around RR40bn, if
the cost of a single UEC is 265 rubles, according to
Nabiullina.
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By GlobalDataRussian president Dmitri Medvedev, who chaired the Modernization
Commission, said that there would be no limit the number of
banks.
But Sberbank’s CEO German Gref told the Modernization Commission
on 28 February that most banks had not yet grasped the commercial
benefits of the project. “They are standing aside and watching,”
Gref said.
He added that Sberbank was holding
negotiations with Visa and MasterCard.
