Russian Credit Cards Will Lose Relevance as Their Economy Tumbles

Russia was primarily a cash economy until 2012, when payment cards began to displace cash. Recent global events indicate that domestic card usage will continue, with growth in debit  transactions, but Russian credit card volumes will languish.

Russia's domestic payment scheme will keep transactions flowing within the country. Still, it faces challenges in global acceptance and will not be capable of supporting a robust credit card function as the economy weakens as a result of the international sanctions.