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. Last Updated: 07/27/2016

MOST Unveils Debit Card

MOST-Bank unveiled a new debit card Thursday and said it has completed a three-year program of issuing internationally accepted plastic.

The Electron/Plus "is a card for the mass consumer," MOST vice president Vladimir Polyakov told a news conference. "Even a person who cannot afford Visa or Mastercard can buy Electron/Plus. In my opinion this card is the most suitable for ordinary people."

A $100 deposit and a $25 annual fee are all that is needed for a new card. The bank charges 1.5 percent on hard-currency cash advances but no interest when disbursing rubles.

It is far cheaper than the bank's Visa Classic card, which requires a $3,000 deposit and a $120 annual fee.

Polyakov said the new card would be accepted in Moscow by more than 350 stores, 10 automatic teller machines and 370,000 Plus and Visa outlets worldwide.

Since 1992 the bank has issued several types of international debit and credit cards, Polyakov said, including Visa, EuroCard/MasterCard and Cirrus/Maestro. With a full range of options now available, the bank has wrapped up its first stage of issuing international cards and will now concentrate on developing a second generation of card technology, Polyakov said.

The new card will be serviced by the Multicarta processing center formed by nine Russian banks. The center recently announced a program allowing smaller banks to affiliate with major international chains.