The market value of the National Payment Card System (NSPK) could reach several hundred billion rubles, and the return on the Central Bank's initial investments could be x100. This assessment was given in a column for RBC by former NSPK head Vladimir Komlev, who led the company since its founding in 2014.
Komlev noted that selling a stake would allow the Bank of Russia not just to receive dividends, which have already tripled to 46.6 billion rubles for 2025, but to capitalize on investments with a huge multiplier. The proceeds from the deal, according to Komlev, could be directed to the budget. The Central Bank, which incurred a loss of 185 billion rubles in 2025, did not pay into the budget.
The regulator plans to retain a controlling stake, selling up to 49% of the shares, with no more than 5% going to a single buyer. Alla Bakina, head of the national payment system department, suggested that the deal could take place in 2027. Komlev believes that market participants will certainly have a financial interest, but the ability to influence the company's strategy will be limited – it will more likely be about a strategic upgrade to NSPK 2.0.
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