Ministry of Industry and Trade: demand for chips for bank cards can be satisfied by the end of 2024

The Ministry of Industry and Trade of Russia expects that by the end of 2024, domestic manufacturers will be able to fully satisfy the demand for chips for bank cards in the domestic market, Deputy Minister of Industry and Trade Vasily told reporters on the sidelines of the Digital Industry of Industrial Russia (CIPR) conference Shpak, transmits TASS.

“We expect that by the end of 2024 we will be able to provide 100% of the existing demand for bank cards within the country with domestic production by local manufacturers, Mikron and NM-Tech,” Shpak said.

Earlier in May, Kommersant wrotethat the Mikron plant will start producing chips for SIM cards. It was noted that telecom operators are already testing new software. The mass production of SIM cards created at domestic production facilities may begin as early as 2024, the publication reported. At the same time, experts interviewed by Kommersant estimate Micron’s capacity at 20 million SIM cards per year, while the annual need for telecom operators is about 70-100 million.

This winter, Director General of the National Payment Card System (NSPK) Vladimir Komlev pointed outthat the problem of the shortage of chips for bank cards in Russia has been solved.