Tech

Some Russian bank customers have had Apple Pay and Google Pay cut off

Customers at some 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 by the Russian Federation. Insiders. According to the press release from Central Bank of RussiaAffected financial institutions include VTB Group, Sovcombank, Novikombank, Promsvyazbank and Otkritie FC Bank.

While customers will still be able to use bank cards from these institutions in Russia, they will no longer be working abroad or when making online payments for stores and services in the countries that have approved them. impose sanctions on Russia. This also includes card payments through Apple Pay and Google Pay, although the Central Bank says contactless payments will still be available with the bank card itself, if they support it.

Google and Apple did not immediately respond The Vergerequest comment.

Google Pay and Apple Pay are not popular in Russia like they’re in America. Based on Statistics recorded in 2020, Russia’s most popular mobile payment service is Russian-owned Sberbank Online, followed by YooMoney (formerly Yandex Money) and QIWI, two other Russian payment service providers. At the time, 29% of Russians reported using Google Pay, while 20% used Apple Pay.

Some countries have imposed financial sanctions to Russia after the invasion of Ukraine. Based on Ursula von der Leyen, President of the European Commission, sanctions enacted by the European Union target 70% of Russia’s banking network. The The US has imposed sanctions on Sberbank and VTB Banktwo of Russia’s largest financial institutions, while UK asset freeze of five Russian banks.

Equal countries consider blocking Russia from SWIFT (Association for Worldwide Interbank Financial Telecommunication), the financial system used to communicate transactions globally, the United States, the European Union and the United Kingdom are moving to direct impose sanctions on Russian President Putin.

https://www.theverge.com/2022/2/26/22952191/russian-bank-customers-apple-pay-google-pay-financial-sanctions-ukraine Some Russian bank customers have had Apple Pay and Google Pay cut off

Chris Barrese

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