Russian central authorities are reportedly considering plans to set up an electronic payments network whose functions would include managing payments among various financial services providers, retailers, businesses and consumers, Russian news outlet The Moscow News reports, quoting commerce-oriented publication the Kommersant.

The main objective of the prospective electronic payment system would be to challenge the dominance of established brands such as MasterCard and Visa, which currently hold around 85 percent of the Russian cards market. The plans for a Russian-operated electronic payment network come after in June 2008, Russia’s two largest banks – Sberbank and VTB Group – have teamed up to create the United Russian Payment System (URPS).

According to the same source, one of the motivations behind the Russian Central Bank’s decision to green light the initiative is an attempt to lower Russia's dependency on foreign companies.