The VISA INTERNATIONAL payment system is launching mini-cards on the Russian market. The new card is 43% smaller than its common-use counterpart and is accepted, without restrictions, in retail outlets. However, the cards are unavailable for ATMs. Oliver Hughes, head of VISA’s Russian representative office, says mini-cards will be in great demand in light of the growing credit card turnover in retail outlets ($3.5 billion as of late last year). The Russian MASTER BANK has become the first bank to issue the cards. The mini-card will be offered for sale in a set with a common Visa Electron card which is accepted by ATMs. The MASTER BANK plans to increase the mini-card issue to 40% of its overall card issue volume.
Source: BIZNES, May 31, 2006
