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Russia Country Report

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  • Published Date: May 2017 – Updated report available October 2020

A comprehensive overview of the cards, payments and consumer banking market in Russia.


  • Hundreds of Russian banks have been closed in the last decade as the central bank bids to clean up the industry. Majority state-owned banks dominate the retail banking sector.
  • VTB Group in association with the country's state-owned postal service, Russian Post, launched a new postal bank, Pochta Bank, in 2016.
  • Consumer credit outstandings declined in 2015 and in the first half of 2016 as the economy contracted, resulting in a rise in unemployment and falling consumer confidence.
  • Card use in Russia is migrating from the ATM to the POS and online. Just 21 per cent of card transactions in 2016 were ATM withdrawals, down from 67 per cent in 2010.
  • This has been facilitated by dramatic growth in the number of POS terminals, which reached almost 1.8 million in 2016, four times the number in 2010.
  • In December 2015, the National Payment Card System (NPCS) in association with the Central Bank of Russia (CBR) unveiled the domestic cards network, Mir, a major development in the Russian payment cards market.
  • As of March 2017, 286 Russian banks had joined the Mir scheme. It is forecast that there will 20 million Mir cards in issue by the end of 2017.
  • As of March 2017, Mir cards were accepted at about 98 per cent of the ATMs and 90 per cent of the POS terminals in the country. The NPCS plans to increase overseas and online acceptance of Mir cards and to add a rewards programme.
  • Credit cards are used primarily as a borrowing tool with the rollover rate on outstanding debt estimated at 75 per cent in 2016.
  • Sberbank dominates the issuing and acquiring markets in Russia, accounting for half of all cards in issue and acquiring over a third of transactions.

Russia Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our credit card data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume


Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more European country reports or explore cards & payments research reports for 72 markets worldwide.

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