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'Useless Plastic': NSPK CEO Declares the End of Visa and Mastercard in Russia
Dmitry Dubynin, the chief executive of Russia's National Payment Card System (NSPK), said Visa and Mastercard cards no longer provide value because they are now supported only by the domestic payment network after the foreign issuers left the market in March 2022.
Published:
Updated:
What happened
Dmitry Dubynin, the chief executive of Russia’s National Payment Card System (NSPK), said Visa and Mastercard cards no longer provide value because they are now supported only by the domestic payment network after the foreign issuers left the market in March 2022.
Confirmed
Global impact / market context
The statement signals that Russia is moving fully to its own payment infrastructure, reducing reliance on foreign card schemes. This could increase usage of domestic cards, affect foreign banks’ exposure, and shape how consumers pay for goods and services.
Analyst inference
Since Visa and Mastercard withdrew, Russian merchants and consumers have been shifting to NSPK‑issued cards and other local alternatives. The transition is part of broader sanctions‑driven efforts to build a self‑sufficient financial system.
Analyst inference
What to watch
- Adoption rates of NSPK cards versus any remaining foreign‑issued cards, indicating how quickly the domestic network is replacing the old system. Analyst inference
- Regulatory actions that could further restrict foreign payment services or promote additional domestic payment innovations. Proposed
- Impact on Russian merchants’ transaction costs and cash flow as they adjust to the new payment ecosystem. Analyst inference