Iran prepares necessary infrastructure to service Russian cards

Iran is preparing the necessary financial infrastructure to work with the Russian payment system. This is reported by Tehran Times, a partner of TV BRICS.

Iranian terminals may start accepting Russian debit and credit cards within the next few months, said Mohsen Rahimi, trade attaché at the Iranian Embassy in Moscow. According to him, work on preparing the necessary technical infrastructure is already underway, but the introduction of the system will take time.

Trade turnover between the two countries last year totalled US$4 billion. At the moment, the countries have huge potential for further growth, especially in industry, engineering and transport.

Back in January 2023, Iran and Russia announced that the two countries had merged their interbank communication and transfer systems to help speed up trade and financial transactions.

Earlier, it became known that the Russian Finance Ministry, together with the Central Bank and BRICS partners, will prepare a number of initiatives to create an independent international monetary and financial system. This work may result in, among other things, the creation of a digital settlement and payment platform BRICS Bridge.