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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.
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 · The unparalleled success of Russia’s Mir payments system has protected it against US sanctions, making other governments take notice.
Oct 21, 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.
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...
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 international...
Nov 22, 2022 · Russia’s international ambitions for its homegrown alternative to Visa and Mastercard have been dashed as even some of its closest allies have dropped its Mir payment system following a...
MIR Payment System. Press center; Contacts; Rus. National Payment Card System Joint Stock Company. NSPK JSC provides everyone, businesses and the state with the products and services based on Russian technologies, convenient, secure and available to all, whereby preserving the sovereignty of the Russian payment market.
Apr 5, 2022 · Russia is turning to microchip manufactures in China to circumvent western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic...
Mar 27, 2024 · MOSCOW, March 27 (Reuters) - Samsung Pay, a payment service owned by South Korea's Samsung Electronics (005930.KS), will stop working with Russia's national Mir payment cards from April 3,...
