Problems with chips for bank cards in Russia solved - NSPK general director

MOSCOW. Jan 13 (Interfax) - The problem with the shortage of chips for bank cards has now been solved in Russia, National Payment Card System (NSPK) General Director Vladimir Komlev.

"This problem [shortage of chips] arose in the period of the pandemic worldwide and at it could not help but affect the banking sector. In my view, Russian companies have now solved it quit effectively amid the restrictions. The problem with chips has largely been solved in our country now. We see what serious volume of ready cards Russian manufacturers were able to ship in 2022," Komlev said.

The main problems may arise with logistics and price hikes as foreign manufacturers are oriented primarily at partners in Asian countries, he said.

"The cost of cards and their cost to banks increased considerably over the past year. And it also reflects on what bank card products are now economically profitable or unprofitable," he said.

The shortage of chips for bank cards aggravated in spring 2022 after European suppliers refused to work with Russia. Besides, two major payment card market players, Visa and Mastercard, left the Russian market in early March. And although their cards continued working inside the country, it became an incentive for many Russians to get cards of the Russian Mir payment system, which increased the demand for the issuance of cards.