Mir Cards Occupied More Than Half of the Russian Market After Visa and Mastercard Exit

Mir Cards Started Being Accepted in Venezuela

From January to September 2023, cards of the Mir payment system accounted for 52.5% of the total volume of card transactions made in Russia. In total, domestic banks issued 256 million Mir cards.

As noted by the Central Bank, in the three quarters of 2023, banks in Russia issued 424.9 million cards. The volume of transactions on them exceeded 44 trillion rubles, of which 14.4 trillion rubles were for payment of goods, 21 trillion rubles were for transfers, and 8.8 trillion rubles were for cash withdrawals from bank cards.

The Mir payment system appeared in December 2015. However, its cards began to actively spread in 2022, when Visa and Mastercard announced the curtailment of operations in Russia.

In parallel with the increase in the share of the Russian market, the Mir system is strengthening its position in other countries. In Venezuela, these cards are accepted by Banco de Venezuela ATMs. This primarily concerns the islands of Margarita, Coche, and Cubagua, which are popular with tourists, as well as the state of Bolivar.

Earlier it was reported that the Philippines authorities are considering the possibility of using Mir cards for payments. In this way, the country hopes to attract Russian tourists.

Sources:
RBK
2023-12-16 17:41:44 Finance Mir
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