The increase represents an all-time record after the last surge in 2012, leading to a total number of new national cards issued of 125 million, a 27.5%i increase from 2021. The trend is confirmed by the country’s biggest banks and is associated with the departure of worldwide card issuers Visa and Mastercard, amid the ongoing war in Ukraine.
Russia’s main card issuer is now local-based MIR (National Payment Card System), which issued up to 2.5 more cards in the first quarter of 2022 than the corresponding period of the previous year. Visa and Mastercard continue to work within Russia, but most citizens are reoriented to Mir, which is currently considering a geographical expansion.
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