Visa and Mastercard to vanish from Russia via natural wear
Visa and Mastercard are gradually disappearing from the Russian market due to lack of renewal and natural wear, with Sberbank's financial director confirming the trend and stating that these cards are effectively already functioning as 'Mir' cards.
Consensus
- The share of Visa and Mastercard cards among Sberbank clients is decreasing every quarter.
- Visa and Mastercard cards are expected to nearly disappear from circulation in Russia within several years.
- The process of withdrawal is gradual and based on physical wear rather than abrupt removal.
- The cards are effectively functioning as 'Mir' cards already.
- Sberbank's financial director, Taras Skvortsov, confirmed the trend in a statement to TASS.
Points of divergence
- The National Payment System (NСПК) will notify Rosfinmonitoring about transactions via the Fast Payment System (SБП) and payment cards, including those using a universal payment code, starting September 1, as per amendments to the anti-money laundering law. — m24
- The Union of Workers of the Platform Economy 'Novy Trud' has called for a review of bank account blocking procedures, advocating for clearer grounds, documentation, and decision timelines. — m24
- Aksakov, head of the State Duma Committee on the Financial Market, stated that Visa and Mastercard may leave the Russian market due to lack of renewal. — tg_tass_agency
Coverage (2 sources)
- Sber expects that in a few years Russians will have no Visa and Mastercard cards left — Москва 24
- Payment system cards Visa and Mastercard may leave the Russian market due to wear and tear as they are not updated, said T... — ТАСС (Telegram)
Key entities
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