At the end of 2024, a number of Russian banks will have their Visa and Mastercard chip security certificates expire, which is likely to lead to problems with payments.
Four sources in the Russian payment market and representatives of the largest banks told RBC about this, The Moscow Times reports.
According to one of the sources, the chip security certificates may not coincide with the validity of the cards themselves and may be purchased by banks for different periods: three years, five years, etc.
Before the international payment systems Visa and Mastercard left Russia in 2022, the validity of these certificates was extended, but now banks will decide on their own whether to accept these cards or not, another source said.
The functioning of the card depends on two banks involved in the payment chain – the issuing bank and the acquiring bank. However, some payments may stop going through in any case.
‘This should not affect mass transactions, but it may cause problems with deferred transactions, for example, when paying for transport fares or offline, i.e. in cases where the POS terminal is not connected to the network,’ says RBC’s source.