RBC: Mir card operator stopped paying banks for their promotion, as there is no competition in Russia

RBC: Mir card operator stopped paying banks for their promotion, as there is no competition in Russia

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The National Payment Card System (NSPK) has reduced the marketing budget allocated to Russian banks for the joint promotion of Mir cards. It is reported by RBC, referring to the words of four sources in credit institutions.

NSPK refused to pay banks after the international payment systems Visa and Mastercard left Russia. One of the interlocutors of the publication said that representatives of the NSPK “openly said that they do not need it now, since there is no competition in the market.” The cost of promotion will be borne by the banks themselves.

A NSPK representative told RBC that the payment system has revised its approach to marketing and incentive programs for Mir cardholders after the market situation has changed. “NSPK not only did not reduce, but increased the volume of investments in the development of the opportunities that Russian payment instruments provide to the residents of the country,” he said.

In March, due to the Russian invasion of Ukraine, the international payment systems Visa and Mastercard announced that they would leave Russia. After that, only Mir, as well as Chinese UnionPay cards, presented in a small part of banks, remained working in Russia. Already in the spring, Russian banks noticed that the demand for Mir cards had grown.

Source: meduza.io

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