The Mir card operator has approved the acceptance of payments by Russian banks abroad

The National Payment Card System (NSCP, card operator Mir) approves the use by Russian banks of their terminals for payments abroad, stated RBC head of the NSPK Vladimir Komlev. He clarified that the NSPK can provide banks with additional clarification on this issue in order to eliminate uncertainty when accepting such payments.

Due to sanctions, it became impossible to pay for purchases abroad with Russian cards, which is why banks began installing terminals to accept their cards in other countries. According to Mr. Komlev, promoting payment QR codes or organizing payments through POS terminals abroad “in general does not contradict Russian legislation” and the rules of the Mir payment system

“We understand that in the current conditions, banks and fintechs take on quite high financial and other risks. Therefore, on our part, in such a situation, it would be more correct, within the framework of our rules, to at least not prohibit this trend. There may be certain explanatory measures on our part that comply with our rules, which will allow banks to feel more secure and confident,” said the head of the NSPK at the Finopolis forum.

A representative of the Central Bank (CB) told RBC that the regulator “generally supports decisions that are aimed at developing cross-border transactions.”

In June, Mir cards began to be accepted at the terminals of trade and service enterprises in Venezuela. In August, several banks in Vietnam began accepting Mir cards. Myanmar expected to begin accepting these cards in October. The Russian Central Bank said that it plans to introduce Mir cards to five or six new countries in 2023.

Laura Keffer