Russia's nascent payment system card Mir could be integrated with Chinese payment systems, namely Union Pay, Prime Minister Dmitry Medvedev was cited as saying by RIA Novosti after an intra-government meeting.
Although initially resisted by the banks, the Mir payment card has gathered momentum with 176 local lenders adopting the system as of January 2017, and 97% of ATMs and over 75% of payment terminals accepting the card.
The Mir card payment and NSPK national payment system was created by the CBR in 2015 to cut reliance on Western payment systems under pressure from sanctions. Both Visa and MasterCard were forced to cut ties with a number of Russian banks in 2014 that were subject to US sanctions imposed over Russia's actions in Ukraine, starting with the annexation of Crimea. At the time, these companies had processed 90% of all payments in Russia.
"Moscow and Bejing are negotiating using national currencies for payments between the countries," Medvedev said, adding that "opportunities created by national payment systems" are also being studied.
Mir and Iranian payment card Shetab are working on integrating their payment systems so that both cards can be used in Iran and Russia.
Related Articles
First Russian bank branch to open in Iran as Mir Business Bank
The Central Bank of Iran has issued a permit for the opening of the first Russian bank branch in the country, Donyaye Eqtesad reported on May 16. Mir Business Bank, a Russian bank partly ... more
EBRD extends €100mn in risk-sharing support to two Ukrainian banks
The European Bank for Reconstruction and Development (EBRD) has signed portfolio risk-sharing facilities with two Ukrainian banks, UKRSIBBANK BNP Paribas Group and ProCredit Bank Ukraine (PCBU). The ... more
Austria’s RBI ups profit in Russia in 1Q25
Austria's Raiffeisen Bank International (RBI) increased its pre-tax profit in Russia in 1Q25 by over 25% year on year to €575mn ($651mn) due to the stronger ruble, Reuters reports. In ... more
Most Read
-
Armenia courts African countries to supply diamond industry
25 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
9 days ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
20 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
26 days ago