MOSCOW: The share of Visa and Mastercard payment cards in Russia has fallen to less than 17 percent as the country continues transitioning toward domestic payment systems, according to Bank of Russia official Alla Bakina.
Speaking on the evolving payments landscape, Bakina, director of a department at the Russian central bank, said the presence of the two international payment systems has steadily declined over the past four to five years following their effective withdrawal from the Russian market.
She noted that Russian banks have gradually replaced Visa and Mastercard cards with alternative payment instruments, particularly the domestic Mir card system.
“These payment systems were removed from our market. People still had a significant number of cards in circulation, but their share has steadily declined over the years,” Bakina said, according to TASS.
She added that the National Card Payment System is encouraging the transition through economic incentive measures aimed at further reducing the use of Visa and Mastercard products in Russia.
According to Bakina, the combined market share of Visa and Mastercard cards currently stands at “less than 17 percent.”
The shift reflects Russia’s broader strategy to strengthen financial sovereignty and reduce dependence on Western financial infrastructure amid ongoing geopolitical tensions and sanctions.
