Bank of Russia to Phase Out Visa and Mastercard in Favor of Mir Payment System

The Central Bank of Russia (CBR) has announced plans to gradually replace Visa and Mastercard payment cards with its domestically developed Mir payment system. While no immediate deadline has been set, the regulator emphasized a measured transition, allowing banks sufficient time to adapt. International cards remain operational for now, but Russian consumers are encouraged to switch to Mir cards at their convenience.

The MOVE signals a strategic shift toward financial sovereignty amid geopolitical tensions. Mir, Russia's homegrown payment network, has gained traction since its 2015 launch, processing over 25% of domestic card transactions. This transition could accelerate the adoption of alternative payment infrastructures globally, including blockchain-based solutions.

Commercial banks will coordinate the rollout, ensuring minimal disruption to consumers. The CBR's approach reflects a balancing act between reducing reliance on Western financial systems and maintaining payment stability. Observers note this development may indirectly benefit cryptocurrency adoption as Russians seek borderless payment alternatives.