Bank of Russia to set a “reasonable” period for replacing Visa and Mastercard cards

“We are working on the deadlines after which IPS cards will no longer be serviced. These deadlines will be sufficient for banks to gradually replace them with Mir cards at the request of customers,” the representative of the regulator clarified.

The regulator also added that citizens do not need to do anything on their own. “Urgent replacement is not required. Banks will provide information to customers in a timely manner. All cards will continue to function as usual. If someone wishes to replace an IPS card with a Mir card, they can contact their bank,” the press service of the Bank of Russia concluded.

“Today, we see that banks are replacing more and more expired cards, with their number and share declining steadily. In the context of antifraud activities, the card expiration date is a factor that helps prevent fraudulent transactions. We intend to introduce restrictions on this period, since, firstly, the number of cards has become insignificant, and secondly, there is no longer a need for this under current conditions. We will inform about the deadlines beforehand so that banks could stop using the remaining cards,” said Alla Bakina, Director of the National Payment System Department of the Bank of Russia.

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