Strategic Alliance of MasterCard and Golden Crown
Moscow, April 23, 2012 – MasterCard and Golden Crown Russian payment system announced the signing of a strategic agreement and issue of co-badged cards in Russia.
According to the agreement terms, as a member of MasterCard and Golden Crown payment systems, any Russian bank can issue a new card product, a two-branded debit card – MasterCard® and Golden Crown®. These cards will be serviced in the territory of Russia in the infrastructures of both payment systems and of MasterCard abroad. Cards can be issued either with a magnetic stripe or with a chip.
Ilya Ryabiy, CEO of MasterCard Russia said: “Partnership with Golden Crown opens new frontiers for MasterCard business development in Russia and gives cardholders the benefits of MasterCard global payment system cards. This is our first strategic project with a Russian local payment system, and another step towards the future cashless society.”
For Golden Crown, partnership with MasterCard is a crucial step in client service development. According to estimates, at least 30 million cards will be issued in the next five years. As Russia’s biggest local payment system Golden Crown uses its long experience in regional and niche markets, and unique methods of using new channels for distribution of new financial card products that allow covering the broadest sectors of consumers.
Golden Crown payment system plans issuing co-badged cards with System member banks. Moreover, Golden Crown does not exclude mass issue of these cards as part of joint projects with Russia’s largest retail networks either.
By now, 7.2 mio. Golden Crown bank cards and 6.1 mio. payment cards with extended service pack distributed via trading networks have been issued.
Golden Crown member banks show active interest in the new card product. Investment Commercial Bank “Sovcombank” will be the first to issue the two-logo payment system cards. According to Sergey Khotimskiy, CEO and co-owner of Sovcombank, the bank plans issuing 4 mio. co-badging cads within three years.
MasterCard (NYSE: MA) www.mastercard.com is a global company engaged in the payments and technology sphere. It controls the fastest in the world payment processing network which connects users, financial institutions, trade organizations, government and business structures in over 210 countries and territories. MasterCard products and solutions allow easily, safely and efficiently solving everyday tasks, such as shopping, travelling, running a business and finance management. Follow us at Twitter@mastercardnews, join our discussions in The Heart of Commerce Blog and sign up for our news