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NSPK Chief Calls Visa and Mastercard ‘Useless Plastic’ as Russia’s Mir System Commands 85% of Card Market

Dmitry Dubynin, CEO of Russia’s National Payment Card System (NSPK), has described the remaining Visa and Mastercard cards in the country as “useless plastic.”…

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NSPK Chief Calls Visa and Mastercard ‘Useless Plastic’ as Russia’s Mir System Commands 85% of Card Market
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Article Highlights

Excerpts from the article

  • Dmitry Dubynin, CEO of Russia’s National Payment Card System (NSPK), has described the remaining Visa and Mastercard cards in the country as “useless…
  • Dubynin’s statement, reported on July 16, 2026, stressed that cards issued by Visa and Mastercard “don’t provide any value” because their operations…
  • The exit did not immediately render foreign-branded cards useless. Russian banks continued to issue and service Visa and Mastercard cards, and…
  • NSPK’s planned reduction of interchange fees on Visa/Mastercard transactions to 1% in 2027 and 0% in 2028, which could accelerate the shift to Mir.
  • Bank of Russia’s assessment of NSPK ahead of a potential sale of minority stakes, signaling possible monetization of state payments infrastructure.
  • Expansion of Mir’s international acceptance through bilateral agreements, such as with Indonesia, and its impact on the system’s global utility.
  • Systemic risk from concentration of all domestic card payments through a single national switch.

Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6

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