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Bank of Russia not setting timeline for phasing out Visa, Mastercard cards

According to the regulator, the share of Visa and Mastercard cards in the Russian market continues to decline

ST. PETERSBURG, July 2. /TASS/. The Bank of Russia is not setting a timeframe for withdrawing Visa and Mastercard cards from circulation as they will be phased out gradually, the regulator’s chief Elvira Nabiullina said.

"You know, we aren’t setting these timeframes. It is simply the case that these cards, <...> Visa and Mastercard, essentially function just like Mir cards. In our view, they will gradually be phased out of circulation, and this is already happening, partly through economic measures," she told a briefing.

According to the Central Bank, the share of Visa and Mastercard cards in the Russian market continues to decline: it currently stands at around 17%, having shrunk significantly over the past five years.