The Visa payment system, which had previously left the Russian market, submitted an application to Rospatent for registration of two new trademarks. The fintech company Paygine told why Visa is doing this and what are the prospects for resuming its work in Russia.
In order for Visa to enter the Russian market again, it will need to re-register as a payment system operator. To date, sanctions against Russia by the United States do not allow this to be done.
"In the current circumstances, the lifting of international sanctions by the US administration is unlikely. Therefore, the resumption of the Visa payment system in Russia is unlikely to be possible in the near future," comments Artyom Zhuravlev, director of the Method product at the fintech company Paygine.
The registered brands cover the field of banking services, financial management, transfer using blockchain technologies, as well as card servicing. The company also presented new logos to Rospatent: the first one is made in blue, and the second one looks like the Visa logo with yellow and blue stripes.
"Visa can register new trademarks to protect its brand in Russia. Other companies that have left Russia have already registered their trademarks through Rospatent, for example, Coca-Cola," explains Artyom Zhuravlev, director of the Method product at the fintech company Paygine.
A payment system can protect not only its brand, but also patent its technological innovations.
"In addition, Visa may launch local products for the Russian market that will not be part of the international payment system. However, they are unlikely to be competitive, as the Russian market has adapted to new conditions. In order to develop a brand in these conditions, we need a marketing budget and an administrative resource, which Visa is unlikely to allocate," says Artyom Zhuravlev, director of the Method product at the fintech company Paygine.
Thus, Visa can patent the use of certain technologies and retain the name of its brand. A quick return of the international payment system is legally impossible under the current sanctions.
Please note that this press release is based on materials provided by the company. AK&M Information Agency shall not be held liable for its contents, nor for the legal and other consequences of its publication.
