Visa payment cards are confidently strengthening their position in the Kyrgyz market, overtaking the national system “Elkart”. Such conclusions can be drawn on the basis of data provided by the regulator for the first nine months of 2024. At the end of September last year, 8.5 million cards were in circulation in the country and increased by 34.8% over the year. The main growth was provided by Visa international cards.

Over the year, the number of Visa cards in circulation increased by 62.2% - by 1.8 million pieces. At the same time, the growth in the number of Elcard cards amounted to only 366 thousand units. As a result, Visa's market share reached 56.1%, while Elkart's share fell to 41.9%. This differs from the situation in 2023, when Elkart held the lead with a 50.8% share.

Visa's superiority was already evident in the first quarter of 2024, when its share rose to 50.6% against 47.2% at the end of 2023. Since then, the international payment system has only strengthened its position. In January-September 2024, 1 million 547.5 thousand new Visa cards were issued (including reissuance). And almost 548 thousand in July-September.

According to the regulator, Bishkek is the leader in the use of payment cards in Kyrgyzstan. Residents of the capital account for 54% of all transactions. This is explained by the high concentration of branches and savings banks of commercial banks in the city, which creates favorable conditions for the development of the payment services market.