Visa, Mastercard share in Russia drops to below 17% - central bank
Quick Look
The share of Visa and Mastercard cards in Russia has fallen to less than 17% as banks gradually replace them with other payment instruments, including the domestic Mir cards, according to Alla Bakina, director of the Bank of Russia's department.
AI-generated summary
Why It Matters
Following geopolitical events, Russia has been actively promoting its domestic payment system, Mir, and encouraging banks to reduce reliance on international card providers like Visa and Mastercard.
MOSCOW, May 25. /TASS/. The share of Visa and Mastercard cards continues declining in the Russian market and it is about 17% now, department director of the Bank of Russia Alla Bakina said.
"These payment systems (Visa and Mastercard – TASS) were removed from our market. The people had a sizable number of cards but the share of these instruments declined in the market during four – five years. The banks are performing the gradual substitution by other instruments, including Mir cards. Therefore, the National Card Payment System through economic incentivization measures is arriving at the withdrawal of these cards from the market," she noted.
The share of cards of Visa and Mastercard payment systems is "less than 17%" at present, Bakina added.
What to Watch
AI outlook — possibilities, not facts
The market share of Visa and Mastercard in Russia will continue to decline.
Very likely · Medium term
The market share of Mir cards in Russia will increase.
Very likely · Medium term
Open Questions
- What specific economic incentivization measures is the National Card Payment System employing?
- What is the exact current market share of Mir cards in Russia?
- What is the projected timeline for further reduction of Visa and Mastercard's share?
- Are there any plans for Visa and Mastercard to re-enter the Russian market in the future?
