Visa and Mastercard may return to Russia
Visa and Mastercard are expected to return to the Russian market in the future, according to Deputy Anatoly Aksakov, who emphasized that the international payment systems will face strong competition from Russia's national payment system, Mir, and must offer new services to regain market share.
Consensus
- Visa and Mastercard may return to the Russian market in the future.
- The return of Visa and Mastercard will be difficult due to the development of Russia's National Payment System (Mir).
- The National Payment System (NСПК) has been actively developing new technologies and services for Mir cardholders.
- Visa and Mastercard will need to offer new services and technologies to compete with Mir.
- Anatoly Aksakov is the head of the State Duma Committee on the Financial Market.
- Aksakov previously recommended Russians switch to Mir cards due to risks associated with old Visa and Mastercard cards.
- The National Payment System (NСПК) proposed reducing interbank fees for operations with old Visa and Mastercard cards to encourage their withdrawal from circulation.
- By the first quarter of 2026, Mir cards accounted for over 75% of all card transactions in Russia.
Points of divergence
- Aksakov stated that the return of Visa and Mastercard does not exclude the possibility of their future re-entry into the market, even after old cards are phased out. — fontanka
- Aksakov suggested that conditions for return should include placing a certain volume of funds on deposit, which would be transferred to citizens or the state if the companies leave again. — vm
- Aksakov mentioned that the complete withdrawal of Visa and Mastercard from circulation could occur by the end of 2027. — vesti
- Most Russian banks are working on replacing Visa and Mastercard with Mir, with some expecting completion by 2030. — vesti
- A new unified card accounting system (ЕСУПК) will come into effect in Russia starting September 1. — vm
- Russian President Vladimir Putin expressed support for foreign companies returning to Russia, provided they did not 'harm' the country during their previous exit. — vesti
Coverage (4 sources)
- «Exactly will return». State Duma deputy — about Visa and Mastercard in Russia — Фонтанка
- Deputy Aksakov: Visa and Mastercard may return to Russia in the future — Вечерняя Москва
- In the State Duma, the return of Visa and Mastercard to the Russian market was allowed — Вести
- Visa and Mastercard will return to Russia in the future, says head of the State Duma committee on financial markets Anatoly Aksakov. — РИА Новости (Telegram)