International payment system cards Visa and Mastercard will completely go out of circulation in Russia by the end of 2027. This opinion was expressed by Anatoly Aksakov, head of the State Duma Committee on Financial Markets.
Citizens themselves have felt that it is better to switch to new instruments.
According to the deputy, Visa and Mastercard cards are less protected due to outdated security certificates. And this creates risks for their holders, he concluded.
Last week, the National Payment Card System (NSPK) announced that it is switching to domestic security certificates. Owners of cards from other payment systems were warned about potential problems when making online payments. They were advised to replace them with Mir cards.
Visa and Mastercard left the Russian market in 2022. NSPK is preparing a plan for the phased withdrawal of these payment system cards from circulation. Currently, the domestic payment system Mir accounts for 85% of the market.
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