Be Shaping The Future
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Can domestic payment systems shield economies against high third-party reliance risks?

Published by Be Shaping The Future

The article discusses the role of domestic card schemes (DCS) in reducing reliance on international payment networks, particularly in light of geopolitical tensions and economic sanctions. It highlights Russia's development of its Mir card system and the System for Transfer of Financial Messages (SPFS) to counteract sanctions and maintain financial operations. The establishment of domestic alternatives to Visa, Mastercard, and SWIFT has enabled Russia to mitigate some impacts of recent sanctions. The success of such systems in Russia may encourage other countries to develop their own domestic payment solutions to enhance economic resilience and independence.

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