Mir (payment system)
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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. 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.
- "AliExpress First Foreign Company to Accept Russia's Mir Payment Cards". Moscow Times. Retrieved 3 February 2017.
- "The Bank of Russia issues warning over Mir payment cards". Russia Beyond The Headlines. 17 June 2016. Retrieved 3 February 2017.
- "McDonald's first U.S. business to accept Russia's new Mir payment card". UPI. Retrieved 3 February 2017.
- "Seven Russian banks start issuing first cards of Mir payment system". www.thepaypers.com. Retrieved 3 February 2017.
- "Sberbank launches servicing of Mir payment cards". Russia Beyond The Headlines. 20 September 2016. Retrieved 3 February 2017.
- "About 20 mln Mir cards may be issued next year in Russia". TASS (in Russian). Retrieved 3 February 2017.
- "NPCS may reach target of 20 mln Mir cards in 2017". 1Prime. Retrieved 2 October 2017.
- "Top Russian Banks Lobby Against Forced Use of Kremlin's Mir Payment Card". Moscow Times. Retrieved 3 February 2017.
- 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.