Russian Banks shut off Visa/Mastercard & issue only Mir cards
- 788
- 4
-
- Last Comment
Russian Banks ready to shut off Visa/Mastercard and issue only Mir cards:
#Russia and #Turkey agreed on using alternative to US-based #MasterCard and #Visa.
The largest banking chain in Turkey, along with the country’s 10,000 online retailers, have started accepting Russia’s Mir cards, according to the CEO of Russia’s national payment system (NSPK), Vladimir Komlev.
“We would like to announce that today is a great day. Mir cards are now accepted in Turkey. Yesterday, the testing was finalized,” the executive said, noting that the banking giant Is Bankasi has over 6,500 ATMs across Turkey and operates the country’s biggest acquiring network. An acquiring institution processes credit or debit card payments on behalf of a merchant.
The Russian national charge card will be accepted in more than 40,000 trade outlets all over Turkey. Komlev added that the operator of Mir is currently integrating the cards with one of Turkey’s oldest lenders, Ziraat Bank.
According to the CEO, the Mir payment system had initially tried to cooperate with Google Pay and Apple Pay to integrate Russian cards into international contactless payment systems, but the operator said it “felt a chilly attitude” from the American firms.
The Mir payment system was launched by the Central Bank of Russia in 2015, The country has issued 53 million Mir cards as of January 2019, according to Elvira Nabiullina, the head of the Russian Central Bank, which owns the operator.
Mir cards are currently accepted in Armenia, Kyrgyzstan, Belarus and Kazakhstan. The Mir operator is planning to introduce Russian national cards in Uzbekistan by the end of the current year.
- Sort By
so they are following India’s Rupay
Yup but Russia’s Mir card expand to other 12 countries.
The BRICS (Brazil, Russia, India, China and South Africa) countries are creating a single payment system, BRICS Pay, as part of the drive to establish a common system for retail payments and transactions between the member countries. In the near future, these countries plan to introduce a special cloud platform, which will connect their national payment systems. An online wallet will be developed with access to these payment systems, as well as a mobile application similar to Apple Pay, which can be installed on smartphones for purchases in any of the five BRICS countries, regardless of which currency the payment and the money in the account of the buyer are denominated in.
Thus, Brazil, Russia, India, China and South Africa will be able to use their own national currencies as a direct basis of exchange for external payments. This is being heralded as a serious step on the path to de-dollarization.
More details: https://www.desidime.com/forums/dost-and-dimes/...
Ok.