Visa and MasterCard announced the continuation of work in Russia

Photo of author

By admin

Visa and MasterCard told Izvestia on Wednesday, April 14, that they have been working in Russia for decades and continue to work as usual. Thus, they commented on reports of their possible shutdown in the Russian Federation.

Visa noted that they have been working in Russia for over 30 years. The company “contributes to the digitalization of the Russian economy” and brings modern payment technologies and solutions to the Russian market so that every holder of its cards in this country “can enjoy all the benefits of convenient and secure electronic payments.”

“Visa cards continue to work as usual,” the company added.

Alexey Malinovsky, the head of MasterCard in Russia, told Izvestia that the payment system also continues to operate in Russia, where it has been present for over 20 years.

“We are developing innovations in the Russian payment industry and are the first to bring many global technologies to Russians. Working closely with our partners – both banks and fintech companies – we are creating a safe and efficient digital economy with new products and services, ”said Malinovsky.

According to him, Russians currently use more than 100 million MasterCard cards issued by Russian banks. This payment system is recognized by the Central Bank as socially significant, and all transactions with Russian cards are “securely processed” in the National Payment Card System (NSPK).

The day before, the Kremlin said that Russia may restrict the use of Visa and MasterCard. They said that various measures have been taken against Moscow for a long time, so nothing can be ruled out.

Georgy Ostapkovich, director of the Center for Business Studies at the Higher School of Economics, called Russia disconnecting from Visa and MasterCard unlikely. He believes that these companies receive “very good dividends” from the Russian side. At the same time, the expert noted that everything depends on the further geopolitical situation.

The State Duma also called it unlikely that Russia will be disconnected from Visa and MasterCard, stressing that the state is technically ready for this. It was noted that now the cards of these payment systems occupy 75% of the Russian market, their turnover is about one hundred trillion rubles.