National payment card system: Problems and prospects of international cooperation and work in foreign markets

Abstract

Subject. This article examines the economic relations between the National Payment Card System and operators of foreign payment systems, their participants, users of payment services, as well as Russian and foreign regulators and organizations that ensure the functioning of the payment infrastructure. Objectives. The article aims to analyze the problems and prospects of international cooperation of the National Payment Card System and its work in foreign markets, and formulate basic recommendations for improving its international cooperation effectiveness. Methods. For the study, I used theoretical research methods. Results. The article finds that the National Payment Card System’s development has greatly contributed to consolidating the sovereignty of Russia in the financial sphere. The article highlights the priority areas of foreign expansion of the National Payment Card System and priority formats of cooperation with foreign partners. Conclusions. Western partners, refusing to fulfill their obligations and imposing sanctions bypassing the mechanisms and rules adopted at the UN level, demonstrate their unreliability in mutual economic relations. That is why, when developing international cooperation in foreign markets, the National Payment Card System should rely on its own strength and mutually beneficial partnership with friendly countries.