Russia could be ready to produce chips for payment cards as soon as 2015 according to the local media.
Microelectronics developer manufacturer Mikron Group is reportedly aiming to get a new chip certified with MasterCard and Visa no later than 2015 and go on to produce 10m chips a month.
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Mikron spokesman Alexei Dianov said: "The price will be competitive enough to rival foreign chipmakers’ products."
According to the Mikron, the card chip will feature PayPass and PayWave contact and contactless technologies.
Dianov added that there is already a production line in place already, which was implemented by current Prime Minister Dmitry Medvedev during his time as President.
Medvedev had the production line launched in 2012 to support the manufacture of Russia’s universal electronic card, an ambitious identity card project that foundered last year after running up huge costs.
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By GlobalDataCurrently Russia relies on chip imports from global manufacturers such as STMicroelectronics, Infineon and Samsung.
There are concerns amongst Russian banks that these foreign chips could be used to track users and their transactions by Western countries.
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