Key Market Indicators
The number of credit cards in Russia is projected to climb to approximately 42 million units by 2028, up from around 38 million units in 2023. This represents an average annual growth rate of 1.6%. Since 2017, the supply of credit cards in Russia has increased by an average of 1.8% per year. In 2023, Russia held the 10th spot globally in the number of credit cards, with India surpassing it by reaching the same figure of 38 million units. Leading the rankings were China, Japan, and Brazil, occupying the second, third, and fourth positions respectively. On the financial transactions front, Russian credit card transactions are expected to reach roughly $54 billion by 2028, up from about $45 billion in 2023, indicating an average annual growth rate of 2.8%. Since 2017, the demand for credit card transactions in Russia has seen a yearly increase of 3.1%. In 2023, Russia ranked 14th worldwide in terms of credit card transaction value, with Switzerland slightly ahead at $45 billion. The top three spots in this category were held by South Korea, Japan, and Canada.
