NСПК Proposes Phased Exit of Visa, Mastercard from Russia
Moscow, June 17. The National Payment Card System (NSPK) has introduced measures for the gradual reduction of the use of international payment system (MPS) Visa and Mastercard cards issued by Russian banks.
Consensus
- NСПК proposed a phased reduction of interbank fees for transactions through Visa and Mastercard.
- The reduction of interbank fees is planned to start in 2027 at 1% and reach 0% by 2028.
- Visa and Mastercard cards issued by Russian banks are no longer accepted abroad after the exit of international payment systems from Russia.
- The domestic Mir payment system has a market share exceeding 75% in card transactions as of the first quarter of the year.
- The withdrawal of Visa and Mastercard is being discussed among market participants since 2024.
- Banks have expressed support for not imposing strict deadlines for the termination of Visa and Mastercard operations.
Points of divergence
- The head of NСПК, Dmitry Dubynin, stated that the system continues to support the use of Visa and Mastercard cards within Russia despite significant costs. — m24
- Deputy of the State Duma Anatoly Aksakov highlighted increased risks of fraud with Visa and Mastercard due to expiring card validity periods. — m24
- The Central Bank of Russia indicated that Visa and Mastercard accounted for approximately 17% of banking cards in May. — m24
- The share of Visa and Mastercard on the Russian market has decreased to less than 17% over 4–5 years. — vesti
Coverage (2 sources)
- NСПK Proposes Plan to Remove Visa and Mastercard Cards from Circulation — Вести
- In Russia, interbank commissions for withdrawing Visa and Mastercard cards from circulation may be reduced — Москва 24