Payment methods in Russia
Visa and Mastercard suspended operations in Russia in March 2022; Russian-issued Visa/Mastercard only work domestically
Market takeaways
- Visa and Mastercard suspended operations in Russia in March 2022; Russian-issued Visa/Mastercard only work domestically
- MIR card accounts for 66.7% of all domestic transactions; NSPK (MIR operator) was sanctioned by the US Treasury in February 2024
- SBP (Faster Payments System / СБП) enables real-time transfers via phone number at near-zero fees; available at 207 banks and 4.8M outlets
- E-commerce market valued at USD 63-87 billion in 2024; e-commerce reached 23% share of total retail (up from 5% in 2019)
- UnionPay (Chinese) is increasingly used by Russians needing international card functionality
Population
144M
Online population
~130M (90.4%)
B2C e-commerce
~$65B (2024 est.)
Banked population
~85%
Credit card population
~65%
E-commerce of total retail
~23%
Payment method breakdown
- Card (MIR / domestic)60%
- SBP Instant Transfer20%
- E-Wallet (SBPay, YooMoney)10%
- Cash7%
- Other3%
Card scheme breakdown
- MIR67%
- Visa (domestic only)17%
- Mastercard (domestic only)13%
- UnionPay2%
- Other1%
Cross-border e-commerce
Market data coming soon.
Featured payment methods in Russia
Popular options based on coverage and prominence in this market.
SBP — Faster Payments System (СБП)
The Central Bank of Russia's real-time payment rail enabling transfers via mobile phone number. Available at 207 banks and 4.8 million merchant outlets as of November 2024. Near-zero fees make it highly competitive. Also powers SBPay, the QR-based payment solution for merchants.
Visa / Mastercard (Domestic Only)
Visa and Mastercard cards issued by Russian banks continue to process domestic transactions as the card schemes switched to domestic processing before departure. However, these cards do not work for international transactions — online purchases from foreign merchants are not possible.
UnionPay
China's card network has become Russia's primary means of making international payments following the Visa/Mastercard withdrawal. Some Russian banks issue UnionPay cards, and Russian travelers and businesses increasingly rely on it for overseas transactions.
Wildberries / Ozon Marketplace Payments
Russia's two largest e-commerce marketplaces (Wildberries and Ozon) handle enormous volumes of digital payments through their own integrated checkout systems, supporting MIR cards, SBP, and wallets.
YooMoney (formerly Yandex.Money)
One of Russia's most popular e-wallets, operated by Sber. Enables online purchases, bill payments, and peer-to-peer transfers. Widely integrated into Russian e-commerce platforms.
QIWI Wallet
Electronic wallet historically popular for online payments and gaming, though QIWI's license was revoked by the Russian Central Bank in early 2024, significantly reducing its role.
All payment methods in Russia
Discover 7 payment methods from around the world
Featured banks in Russia
Major institutions operating in this market.
Industrial and Commercial Bank of China (ICBC)
Beijing, China
ICBC is the world's largest bank by total assets and the largest of China's 'Big Four' state-owned banks. It offers retail, corporate, and investment banking globally.
Bank of China (BOC)
Beijing, China
Bank of China is China's most internationally active bank, specialising in foreign exchange and cross-border trade finance. It is one of the Big Four state-owned banks.
Société Générale
Paris, France
Société Générale is a leading European bank offering retail banking in France and Eastern Europe, plus global markets and investment banking services.
OTP Bank
Budapest, Hungary
OTP Bank is Hungary's largest bank and the dominant financial institution in the country, with significant regional presence across Central and Eastern Europe and the Balkans.
Raiffeisen Bank International (RBI)
Vienna, Austria
Raiffeisen Bank International (RBI) is Austria's second-largest bank and a leading retail and corporate bank in Central and Eastern Europe, operating in 13 markets.
Sberbank
Moscow, Russia
Sberbank is Russia's largest bank and one of the world's top 50 banks by assets, state-controlled by the Russian government. It serves over 100 million individuals in Russia and abroad.
All banks in Russia
Showing 14 of 14 banks
