Visa and Mastercard may return to the Russian market in the future, according to Anatoly Aksakov, head of the State Duma Committee on Financial Markets. He believes the companies will no longer hold their previous positions – they will have to compete with the National Payment Card System for users.
I think they will definitely return and fight for the market. Naturally, it will be more difficult, as the National Payment Card System is not dormant and provides new technologies and opportunities for Mir cardholders.
Visa and Mastercard ceased operations in Russia in spring 2022. During this time, the domestic market has significantly restructured around Mir cards and the NSPK infrastructure. Therefore, Aksakov believes that if they return, international systems will have to offer Russians new services and technologies.
In addition, the deputy proposes to establish additional conditions for them. In particular, this may include guarantees of uninterrupted operation and the placement of funds in a special deposit, which can be used for the benefit of citizens or the state if the companies decide to leave again.
Russian authorities previously stated that foreign companies would not be granted special privileges upon their return. They will have to compete for the market on equal terms.
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