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MasterCard will allow Russia to carry out transactions with winnings
During the current year, MasterCard will add the Russian Federation to the list of the countries allowed to carry out internal transactions of winnings, reports the press service of the payment system.
“These transactions imply money operations with funds won in gambling or unutilized capital meant for bets,” say the press service representatives. “The transactions of this type have to be classified in accordance with MCC 7995. Moreover, the regulation of the payment system prohibits any return of the money won in gambling to MasterCard and Maestro cards.”
GR & Corp. Relations Deputy Director at ChronoPay Oleg Stolbov considers it to be advantageous for the market of legal betting shops in the Russian Federation. According to him, the absence of Russia in the list of countries who can carry out transactions under MCC 7995 was one of those key factors having moved the industry to the shadow economy. The expert ensures that this policy of the payment system along with the latest legislative initiatives will accelerate gambling legalization in the Russian Federation.