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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Russian 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.