Dmitry Dubynin, CEO of Russia's National Payment Card System (NSPK), declared that Visa and Mastercard cards are effectively absent from the Russian market, calling them valueless pieces of plastic. International sanctions rendered the cards non-functional abroad and blocked access to loyalty programs, driving 85% of Russia's card market to domestic Mir alternatives. The remaining foreign cards will eventually fail due to physical wear and expiring security certificates, according to Dubynin's interview with Expert magazine. Russia's central bank announced on July 2 that international cards would be phased out gradually without strict withdrawal timeframes.
Mir Cards Capture 85% of Russian Payment Market
Dubynin stated in his Expert magazine interview that Visa and Mastercard cards no longer provide value in Russia. "I would even say that Visa and Mastercard cards are effectively absent from the Russian market. Their cards no longer provide any value: they do not work abroad, there is no access to the loyalty programs of these payment systems, and so on," Dubynin said. He compared the remaining cards to pieces of plastic bearing logos of companies that no longer operate in Russia, with only local infrastructure keeping them operational.
The NSPK CEO confirmed that Mir cards account for nearly 85% of the market. "The share of cards issued by international payment systems continues to decline naturally. Today, nearly 85% of the market is accounted for by Mir cards, and that share will undoubtedly continue to grow," Dubynin assessed.
Foreign Cards Face Physical Expiration and Certificate Failures
Dubynin explained that the remaining Visa and Mastercard cards will fail as they endure wear and tear and their security certificates expire. The NSPK is implementing measures to ensure continued operation of the payment infrastructure even under these circumstances. The cards' physical deterioration and certificate expiration represent technical endpoints rather than policy-driven withdrawal.
Central Bank Announces Gradual Phase-Out Without Timeframes
Alla Bakina, Director of the Bank of Russia's National Payment System Department, invited Visa and Mastercard to leave the country completely due to the lack of functionality of their cards. On July 2, central bank Governor Elvira Nabiullina disclosed that there would be no timeframes for their withdrawal, indicating that they would be phased out gradually. This statement addressed concerns among the population still relying on international card solutions.
FAQ
What percentage of Russia's card market does Mir currently hold?
Mir cards account for nearly 85% of Russia's payment card market, according to NSPK CEO Dmitry Dubynin's interview with Expert magazine.
Why did Dmitry Dubynin call Visa and Mastercard cards 'useless plastic'?
Dubynin stated that the cards no longer work abroad, provide no access to loyalty programs, and offer no value due to international sanctions, making them effectively non-functional pieces of plastic bearing company logos.
What did Russia's central bank announce about Visa and Mastercard withdrawal?
On July 2, central bank Governor Elvira Nabiullina disclosed that international cards would be phased out gradually without strict timeframes, following earlier statements by Alla Bakina inviting the companies to leave completely.
