While it was learned that global payment giants Visa and Mastercard will completely withdraw from Russia, Central Bank of Russia National Payment System Department Director Alla Bakina announced that the share of the two companies’ cards in the Russian payment market has fallen below 16-17 percent. Bakina made evaluations about the payment market in Russia in his statement on the subject in Moscow. Stating that the two payment companies dominated the market in the country before 2022, Bakina said, “Visa and Mastercard withdrew from Russia in 2022.
In this process, the companies’ share in the market began to decrease and today this rate has fallen below 17 percent.” he said. CASHLESS PAYMENT RATE MAY EXCEED 90 PERCENT Bakina emphasized that the two companies can no longer fulfill the function they provided in the country in the past and said, “Of course, Visa and Mastercard need to leave our market.” He also noted that the Russian payment system continues to maintain its resilience.
Stating that the share of cashless payments is increasing steadily in this context, Bakina said that they expect the cashless payment rate in the country to exceed 90 percent by the end of this year. Visa and Mastercard, which ended their activities in Russia in March 2022 after the start of the Russo-Ukrainian War, announced that they had stopped the use of Visa and Mastercard cards issued by Russian banks abroad and the use of cards abroad in Russia.
Comments
You can write your views about this story. Comments may be moderated according to site settings.