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Mir (Russian: Мир, IPA:; lit. ' the world ' or ' peace ') is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017.
Visa and Mastercard debit and credit cards issued by Russian banks will no longer work abroad. Meanwhile, Russia’s ‘MIR’ payment system is becoming the main domestic payment system.
2 days ago · As of 1 January the national payments system comprises 27 payment systems, 362 money transfer operators. The Bank of Russia ensures the stability and smooth functioning of the national payment system. It also provides the necessary infrastructure for cashless settlements in the Russian Federation.
Jul 20, 2021 · By creating what has been dubbed ‘Fortress Russia’, the Kremlin has engineered a high degree of domestic autonomy for the national economy and, by extension, mitigated the cost of sanctions imposed by foreign actors. The stunning success of Russia’s national payment system is a case in point.
Apr 20, 2022 · A digital wallet, Mir Pay, launched in 2019, continues to operate on Android devices. Taken together, these systems mean that for many Russians domestic transactions have kept flowing, even...
Mar 29, 2022 · Rocked by sanctions following its annexation of Crimea, Russia built its own payments network, Mir, ultimately taking the sting out of exits by Visa and Mastercard.
Nov 19, 2022 · Following the Russian invasion of Ukraine, U.S. companies such as Visa and Mastercard were quick cut links with Russia’s Mir payment system, but the network’s overseas reach remains under scrutiny
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