As reported, by the time of the halt Russia's national payment card system should completely take over all Visa transactions. It is not clear, though, whether this process will be completed in time, as system's setup is still underway. However, the changes are believed not to hamper card transactions.
"Visa said that effective Oct. 1, should Visa receive authorization requests (system's approval of a transaction) for local operations (in Russia), it does not guarantee processing," a source said.
According to the source, Visa actually stops bearing any responsibility for refusing to process transactions for which it would have to re-make a security deposit with the Central Bank.
The company has confirmed sending the letter to all banks.
According to market participants, at least one month is necessary for a complete takeover. As reported by the source, the migration has not been accomplished and the above letter by Visa actually confirms the fact.
According to the original scheme, Russia's banks will have to operate within their national payment card system effective Oct. 1.
Visa's current approving a part of traffic from some system's banks has been reported by certain top 20 Russian banks. It is impossible to estimate the scale of these operations as banks do not provide any official information.
Russia's national payment card system and Visa mention only a small number of transactions.
As reported, in December 2014, Visa international payment system stopped servicing Russian banks operating in Crimea.