Indian banks may start accepting Mir payment cards

Russia and India are planning to recognise each other's payment systems, as reported by Deccan Herald (DH).

It is noted that if the relevant decision is taken, Indian banks as well as the shops serviced by them will start accepting cards of the Russian payment system "Mir". The issue of mutual recognition of RuPay and Mir was discussed during the recent visit of India's National Security Adviser Ajit Doval to Moscow. Among other things, the possibility of active use of national currencies in bilateral trade was also considered.

In addition, according to the newspaper, at the moment the possibility of creating a new reserve currency based on the currencies of the BRICS countries is being studied.

Mir cards are now accepted in Armenia, Vietnam, Turkey, Belarus, Abkhazia, Kyrgyzstan, South Ossetia, Tajikistan, Uzbekistan and Kazakhstan.

At the beginning of the year the head of the Russian Ministry of Industry and Trade, Denis Manturov, said that Russia needs to increase settlements in national currencies with the member states of the Eurasian Economic Union (EAEU) and BRICS countries and the SCO. He stressed that this is a necessary measure to increase independence in mutual trade.

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