Russia’s Central Bank says Visa, Mastercard should exit market

Russia’s Central Bank National Payment System Department Director Alla Bakina announced that the share of Visa and Mastercard cards in Russia’s payment market has fallen below 17%.

Speaking to journalists in Moscow, Bakina evaluated the current state of the country’s payment market, CE Report quotes Anadolu Agency.

She noted that Visa and Mastercard had dominated the Russian market before 2022, saying, “The two companies left Russia in 2022. Over time, the share of these instruments in the market has decreased, and today it is below 17%.”

Bakina stated that Visa and Mastercard no longer perform the functions they previously provided in Russia, adding, “These cards, of course, should leave our market.”

Arguing that Russia’s payment system continues to demonstrate its “resilience,” Bakina said the share of cashless payments has also remained consistently high.

She added that the proportion of cashless payments in Russia is expected to exceed the 90% threshold by the end of 2026.

Visa and Mastercard suspended their operations in Russia in March 2022 following the outbreak of the Russia-Ukraine war. As a result, Visa and Mastercard cards issued by Russian banks could no longer be used abroad, while foreign-issued cards stopped functioning inside Russia.

Card transactions in Russia have since continued through the country’s national payment infrastructure, while the use of Russia’s domestic payment system Mir has increased.

Photo: Chat GPT