08 December 2003 03:41
Visa holds 35% of Russian card market
MOSCOW. Dec 8 (Interfax) - Visa's share of the Russian card market reached 34.8% at the end of the third
quarter, compared with 25% a year earlier, Lou Naumovski, general manager of the Visa office in Russia and senior vice
president of Visa CEMEA, said on Monday.
There were over 8 million Visa cards in Russia as of December 1. At the beginning of the year, 4.5 million Visa cards
were issued and over 7.5 million were issued at the end of the third quarter. Russian banks issue about 430,000 Visa
cards a month, Naumovski said.
The Visa Electron, which is used for salary payments, is the most popular, with 6.7 million issued as of October
1.
Visa's share in terms of turnover is currently at 37%, compared with 31% a year earlier, and is expected to
reach 50% in two years.
The number of outlets that accept Visa cars increased 40% to 50,000. [RU ASIA EUROPE EEU EMRG BNK RES] me
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