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On the basis of the initial groundwork, Mir as a system was formalized in 2014 as a way to overcome potential blocks of electronic payments, after several Russian banks were denied services by US-based Visa and MasterCard because of the sanctions regime against them.
Jun 14, 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.
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.
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 · Mir is operated by Russia’s National Payment Card System Joint Stock Company (NSPK), which was set up by the Bank of Russia in 2014. At that time, Russia was facing...
- james.rogers@marketwatch.com
Apr 20, 2022 · Now, Russia is reaping the rewards for creating an alternative payments system that has helped mitigate the effect of more severe sanctions put in place after Putin sent tanks over Ukraine’s...
Mar 16, 2022 · Mir, meaning 'peace' or 'world' in Russian, is a payment system in the Russian Federation. Mostly, it is used for bank transfers and initially all welfare and pension payments go through the Mir...
