Mir (Russian: ???, IPA: ['m?ir]; lit. peace or world) is a payment system established by the Central Bank of Russia. It is currently accepted mostly by Russia-based companies, such as Aeroflot or Russian Railways, though it is gradually gaining acceptance among foreign companies with Russian operations. The system is operated by The Russian National Card Payment System, a wholly owned subsidiary of Bank of Russia.
The system was devised 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. The first cards working on the Mir system were launched in December 2015. Sberbank, Russia's leading bank, started issuing them in October 2016. By the end of 2016, 1.76 million Mir cards had been issued by 64 banks, rising to 19 million by September 2017.
Mir is heavily promoted by the Russian government, with proposed legislation mandating that all welfare payments should be processed through the system by January 2018. Banks are reluctant to issue them, as their cost is 35%-45% higher compared to cards belonging to more established payments systems.
Video Mir (payment system)
References
Maps Mir (payment system)
External links
- Official website (in Russian)
- Mir on the National Payment Card System website
Source of the article : Wikipedia
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