Русский
Russia’s Alfa-Bank is discussing the idea of creating a second payment system in Russia with market participants, with the Central Bank of Russia ready to support an alternative if the banks agree.
Alfa-Bank Chief Managing Director Vladimir Verkhoshinsky has stated “The idea is out there, and you’ve shown some preliminary support for it: creating a second, market-driven payment system in the country. The United States has three such systems; even Uzbekistan has four. This would foster innovation, eliminate a monopoly, and strengthen the system’s resilience for our citizens. If we have your support, we are ready to take the lead – to bring together banks, non-banks, big tech firms, Yandex itself – to organize this discussion. Our goal is to move from theoretical talks to a practical plan.” He was speaking at Finopolis 2025, Russia’s largest Fintech forum.
If the market reaches an agreement, the regulator is ready to support this idea, the Russian Central Bank Governor Elvira Nabiullina has stated, adding that “It seems to me that we still need to look at the alternative, because there is a working payment system. If something in it is unsatisfactory – regarding tariff policy, predictability or the discussion of tariffs – we need to see, perhaps from a nationwide perspective, if it is cheaper to make this system more open, so that there is more trust. But if market participants are ready to spend funds, especially banks, not on lending but on creating an alternative, then why not?”
The subject of creating a competitor to the National Payment Card System (NPCS, the operator of Russia’s MIR card) was raised in 2023 by the largest Russian banks. The Central Bank said at the time that it was not against market participants creating a second payment system, but they must calculate the financial benefit.
The National Payment Card System was created by the Russian authorities in 2014 after a number of sanctions were introduced against Russia. The sole shareholder of the NPCS is the Central Bank.
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