OREANDA-NEWS In the coming years, payments using Visa and Mastercard payment systems in Russia will practically stop, now their share is falling, First Deputy Chairman of the Central Bank Olga Skorobogatova told SPIEF. 

"I think, on the horizon of three years, we will really pay within the country only with our payment solutions," Skorobogatova called the timing of termination of payments through Visa and Mastercard.

According to her, 14 foreign banks from three foreign countries are already cooperating with Russia within the framework of the Fast Payment System. Transfers abroad are available to Russians, and soon the Central Bank promises to use the reverse mechanism.

In addition, the deputy chairman of the Central Bank clarified that international payments will be transferred from SWIFT to regional platforms on the horizon of five years. She linked this prospect with the development of operations with digital currencies, including the ruble.

Visa and Mastercard announced the suspension of work in Russia in early March 2022. At the same time, the National Payment Card System (NSPK) promised that previously issued cards of international payment systems would continue to work in Russia until the expiration date.