Central Banking

Russia central bank to develop smart card market

Sergei Mikhailov, deputy director of the information systems department of the central bank, has announced that the bank is interested in developing the smart card market.

According to Mikhailov, smart cards will reduce fraud in non-cash payments of private individuals, because they have a more reliable protection than ordinary cards. Mikhailov adds that using smart cards will cut state expenditures for issuing and servicing cash (banknotes and coins).

According to Mikhailov, smart cards will

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