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The MIR card was the key part of Russia’s strategy to build its own payment system. The country aimed to operate local payments and clearing operations independently from foreign companies such as MasterCard and Visa.
Visa and Mastercard debit and credit cards issued by Russian banks will no longer work abroad. Meanwhile, Russia’s ‘MIR’ payment system is becoming the main domestic payment system.
May 16, 2024 · As of 1 January the national payments system comprises 27 payment systems, 362 money transfer operators. The Bank of Russia ensures the stability and smooth functioning of the national payment system. It also provides the necessary infrastructure for cashless settlements in the Russian Federation.
Jul 20, 2021 · Known as ‘Mir’, the development trajectory of Russia’s national payment system has been astronomical. The first Russian banks began issuing Mir cards under a pilot project in late 2015. A year later, more than 1.75 million cards had been issued, jumping to 19 million by the final quarter of 2017, according to data from state news agency TASS.
Nov 19, 2022 · Following the Russian invasion of Ukraine, U.S. companies such as Visa and Mastercard were quick cut links with Russia’s Mir payment system, but the network’s overseas reach remains under scrutiny
Mir is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system was developed by Belgian digital payments company OpenWay and is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia.
Sep 1, 2022 · Mir Pay, a mobile application developed by the Bank of Russia's National Card Payment System (NSPK), is now one of the few contactless systems available to Russians, and currently only available...
