Mir (payment system)

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Mir
Industry Financial services
Founded 2015
Area served
Russia
Products Debit card, payment systems
Website http://mironline.ru/

Mir (Russian: Мир, IPA: [ˈmʲir]; 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.[1] The system is operated by The Russian National Card Payment System, a wholly owned subsidiary of Bank of Russia.[2]

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.[3] The first cards working on the Mir system were launched in December 2015.[4] Sberbank, Russia's leading bank, started issuing them in October 2016.[5] By the end of 2016, 1.76 million Mir cards had been issued by 64 banks,[6] rising to 19 million by September 2017.[7]

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.[8] Banks are reluctant to issue them, as their cost is 35%-45% higher compared to cards belonging to more established payments systems.[9]

References[edit]

  1. ^ "AliExpress First Foreign Company to Accept Russia's Mir Payment Cards". Moscow Times. Retrieved 3 February 2017. 
  2. ^ "The Bank of Russia issues warning over Mir payment cards". Russia Beyond The Headlines. 17 June 2016. Retrieved 3 February 2017. 
  3. ^ "McDonald's first U.S. business to accept Russia's new Mir payment card". UPI. Retrieved 3 February 2017. 
  4. ^ "Seven Russian banks start issuing first cards of Mir payment system". www.thepaypers.com. Retrieved 3 February 2017. 
  5. ^ "Sberbank launches servicing of Mir payment cards". Russia Beyond The Headlines. 20 September 2016. Retrieved 3 February 2017. 
  6. ^ "About 20 mln Mir cards may be issued next year in Russia". TASS (in Russian). Retrieved 3 February 2017. 
  7. ^ "NPCS may reach target of 20 mln Mir cards in 2017". 1Prime. Retrieved 2 October 2017. 
  8. ^ "Top Russian Banks Lobby Against Forced Use of Kremlin's Mir Payment Card". Moscow Times. Retrieved 3 February 2017. 
  9. ^ News, East-West Digital (20 June 2016). "National bank card MIR soon accepted ubiquitously in Russia in spite of security and financial challenges". East-West Digital News. Retrieved 3 February 2017. 

External links[edit]