Russian bank gets recognized as Europe’s largest card issuer
Date
9/23/2024 8:13:39 AM
(MENAFN) Russian state-run lender Sber, formerly known as Sberbank, has been recognized as the largest issuer of bank cards among European financial institutions, according to the latest report from the Nilson Report, a United States-based firm specializing in card and mobile payment analytics. This announcement, made by Sber's press service on Friday, highlights the bank's significant lead in both the volume of cards issued and the total value of point-of-sale (POS) transactions across the continent.
As of the end of 2023, Sber accounted for approximately 182 million cards, representing 19.8 percent of the 920 million cards issued by the top 50 banks in Europe. The bank's POS transactions reached nearly half a trillion dollars during the same period. Dmitry Malykh, Sber’s senior vice president, expressed that these results were expected, noting the bank's consistent dominance in the debit and credit card issuance rankings since 2021.
Malykh pointed out that Sber has been at the forefront of developing innovative payment methods, such as NFC technology, QR code payments, and even biometric options like “paying with a smile” through its SberPay service. This technological leadership has contributed to Sber's prominent position in the market.
Sberbank is not only the largest bank in Russia but also a major player in Central and Eastern Europe. The lender reported a net profit of 768 billion rubles (approximately USD8.3 billion) for the first half of 2024 and boasts a substantial user base, with 81.9 million active monthly users on its online platform. Additionally, Sber was recognized as the strongest brand among European financial institutions and ranked seventh overall among European brands, surpassing prestigious names like Michelin, Lamborghini, and Rolex, according to London-based consultancy Brand Finance.
This growth and recognition come at a time when many Western financial institutions are navigating challenges in the face of geopolitical tensions and economic shifts. Sber's ability to maintain its leading position in the card issuance market reflects not only its adaptability but also its commitment to innovation in the rapidly evolving financial landscape.
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