Bank of Russia Working on Alternative Payment System

The girl pays with a card of the Russian national payment system “Mir”InternationalIndiaAfricaMOSCOW (Sputnik) – The Bank of Russia (the Russian Central Bank) is working together with certain foreign countries, including Turkyie, on a new payment system for Russians, alternative to Mir cards, its head Elvira Nabiullina said on Monday. The 2022 exit of Visa and MasterCard from the Russian market resulted in increased use of the Russian Mir payment system in the country and beyond, especially by Russian tourists. In September 2022, the US Treasury Department threatened foreign banks with secondary sanctions for servicing Mir cards, which resulted in many countries’ refusing to accept them. “That is why we are working with each of these countries bilaterally to devise other possibilities, not Mir cards. [It will be] cards of those countries, possibly prepaid cards,” Nabiullina said during the review of the Bank of Russia’s annual report in the State Duma. According to the head of the Russian Central Bank, together with the national banks of those countries, the Bank of Russia can create a gateway system providing Russian citizens with the possibility to pay for goods and services abroad. Indonesia and Russia Discussing Use of Payment System Mir, Ambassador Says21 October 2022, 06:21 GMTNabiullina also mentioned that the Bank of Russia is actively engaged in cooperation with Turkiye on that matter.

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