Vladimir Komlev, General Director of the National Payment Card System, spoke about when Russia will stop using bank cards of international payment systems Visa and Mastercard.
No one will forcibly block or speed up the transition to domestic Mir cards. But the turnover on foreign cards will decrease, and the Russian system will grow, by the end of 2024, Mir is projected to have 70% of turnover.
It will probably gradually die off by itself, as I said, and we will probably have to say together with the banks at some point: "Guys, there are three cards left, two transactions. Let's close this topic synchronously, all together, clean up the balances, and these cards will no longer be valid from some point."
Komlev noted that a number of banks have already applied to the NSPK with such a request. But until the market itself reduces the turnover of foreign international payment systems, there will be no such decisions in order to respect the interests of all market participants.
If Russia refuses Visa and Mastercard plastic for transactions, then foreigners already have an alternative: they will not be left without cards for doing business with Russia. Since the summer of 2023, Russian credit institutions have been allowed to open accounts for foreigners and foreign companies remotely. To do this, a Russian bank enters into an agreement with a foreign bank to delegate to it the obligation to verify the client's identity. The service is already operating in 25 countries.