Mir Cards Capture 85% of Russia's Payment Market as Visa, Mastercard Become Defunct

According to NSPK CEO Dmitry Dubynin, Mir cards have captured 85% of Russia's payment market, while Visa and Mastercard cards are now "effectively absent" and provide no value to users, as they do not work abroad and offer no access to international loyalty programs.

Dubynin stressed that remaining international cards will eventually fail as they endure physical wear and their security certificates expire. On July 2, Bank of Russia Governor Elvira Nabiullina announced that the phase-out of international cards would proceed gradually without strict timeframes.