Security certificates for Visa and Mastercard card chips will expire at the end of 2024, Russian RBC said.
Security certificates for Visa and Mastercard card chips will expire in some Russian banks at the end of 2024. It is fraught with problems with payments. This was stated by the Russian pro-government news agency RBC, citing four sources in the payment market of the Russian Federation.
Chip security certificates may not match the validity period of the cards themselves and are purchased by banks for different periods: three years, five years.
Before international payment systems Visa and Mastercard left Russia in 2022, the validity of these certificates was extended, but now banks will decide independently whether to accept these cards for payment or not.
The functioning of the card depends on the two banks participating in the payment chain – the issuing bank and the acquiring bank. However, some payments may not go through.
“This should not affect multiple transactions, but may cause problems in performing deferred transactions, for example, when paying for transport travel or offline, that is, in cases where the POS terminal is not connected to the Network,” the source said. .
As we have already written, the two largest state banks of the Russian Federation – VTB and the Bank of Russia – have introduced a ban on issuing more than one credit card to clients. Other banks are also introducing a similar ban.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.