Russia Moves Toward Phasing Out Visa and Mastercard Cards

Russia should move more quickly to remove Visa and Mastercard payment cards from circulation, according to Dmitry Dubynin, head of the National Payment Card System (NSPK), the operator of the Mir payment card network.

Dubynin told Rossiyskaya Gazeta that extending the validity of Visa and Mastercard cards became critically important after the two international payment systems exited the Russian market. That decision helped prevent disruption for a large portion of the population and ensured the stable functioning of domestic payment transactions.

Support Measures No Longer Considered Necessary

According to Dubynin, the circumstances that justified extending the operational life of Visa and Mastercard cards no longer exist.

He noted that many of the cards have begun to deteriorate physically. Magnetic stripes are wearing out, plastic components are becoming damaged, and the security certificates embedded in payment chips are no longer receiving updates.

"Today, maintaining Visa and Mastercard cards no longer has any practical purpose,” Dubynin said.

Central Bank Shares Similar View

Russia's Central Bank has expressed a similar position regarding the future of international payment cards in the country.

Alla Bakina, head of one of the regulator's departments, pointed to the increasing costs incurred by the National Payment Card System in maintaining the functionality of Visa and Mastercard cards.

Focus Shifts Toward Domestic Payment Infrastructure

Given those growing expenses, Bakina argued that extending the validity periods of such cards no longer appears justified.

The discussion reflects Russia's broader effort to strengthen its domestic financial infrastructure following the departure of several international payment providers from the market. The Mir payment system has become the country's primary domestic alternative for card-based transactions.

Officials now appear increasingly focused on completing the transition away from legacy Visa and Mastercard cards that remain in circulation and rely on continued technical support from domestic payment infrastructure.