Credit Giants Withdraw Support: Central Bank Announces Complete Switch to "Mir" Cards instead
The Bank of Russia is currently preparing for a full transition to the domestic payment system "Mir" cards, following the departure of international card providers Visa and Mastercard from the Russian market [1][2]. This transition is expected to be a gradual process, with a specific deadline for terminating Visa and Mastercard services yet to be determined.
Despite the ongoing preparations, international cards issued before their suspension in Russia in 2022 continue to function normally. However, no new Visa or Mastercard cards have been issued in Russia since 2022 [1][2]. The share of these international cards in circulation is decreasing as customers voluntarily or gradually switch to Mir cards.
The Bank of Russia has emphasised its commitment to ensuring a smooth transition for clients. Banks will independently organise the issuance of new Mir cards for replacement. Clients are not required to take immediate action; they should monitor bank notifications for when it's their turn for card replacement. Until the replacement, Visa and Mastercard cards will continue to function normally.
It's important to note that the transition to Mir cards allows for avoiding panic and inconvenience for holders. The Central Bank has promised a reasonable and sufficient timeframe for the switch, considering client interests and banking capabilities. Most Russians have already voluntarily replaced their international cards with Mir cards for convenience and stable domestic operation.
| Aspect | Details | |------------------------------|-----------------------------------------------------| | Transition nature | Gradual, phased replacement | | Deadline status | Under consideration by Bank of Russia, not finalized| | Cards currently valid | Yes, for older Visa/Mastercard issued before 2022 | | New card issuance | None for Visa/Mastercard since 2022 | | Customer choice | Can switch to Mir anytime; banks will inform customers |
This phased approach reflects the Central Bank’s aim to avoid abrupt changes and allow a smooth shift to the domestic Mir payment system [1][2]. Clients are encouraged to stay informed and follow the guidance provided by their banks during this transition period.
The transition to the domestic payment system "Mir" cards, led by the Bank of Russia, involves the industry of banking and insurance. This shift has significant implications for the finance sector, as it necessitates the issuance of new Mir cards by banks, replacing the existing Visa and Mastercard cards.
In light of the gradual nature of this transition, it is crucial for clients to stay informed and follow the guidance provided by their banks, ensuring a smooth and hassle-free switch to the domestic Mir payment system.
