Mir and RuPay to Collaborate on Mutual Consumer Banking Services
Indian ATMs and terminals may soon start accepting Russian Mir debit and credit cards, while Russia plans to return the favor and start accepting Indian RuPay cards, according to Indian newspaper Deccan Herald.
Russia and India are discussing options for the mutual implementation of interbank transfer services, India’s Unified Payments Interface (UPI) and SPFS, the Russian version of SWIFT. In addition, the two countries continue negotiations on expanding the use of their national currencies in bilateral trade and plan to create a new reserve currency within the BRICS group, which also includes Brazil, China and the United States. ‘South Africa.
Alexander Pankin, Russian Deputy Foreign Minister confirmed that Moscow was negotiating with New Delhi on the use of Mir cards. “The unwarranted blocking of all Russian customers by the largest international card payment systems has made it important to expand the geography of Mir cards. We are actively working in this direction,” he said last week, adding that discussions on this are also underway with Egypt, China, Azerbaijan, Bahrain, Cuba, Myanmar, Nigeria. and Thailand.
Russian Mir payment cards can currently be used in 11 countries: Abkhazia, Armenia, Belarus, Vietnam, Kazakhstan, Kyrgyzstan, Tajikistan, Turkey, Uzbekistan, South Korea and South Ossetia.
Russia and India are also negotiating a free trade agreement between India and the Eurasian Economic Union, which includes Russia as well as Armenia, Belarus, Kazakhstan and Kyrgyzstan.
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