Already in July 2021, the Mir payment system overtook other major operators operating in Russia. Today, the number of its users continues to grow. More and more citizens are ordering Mir cards from banks, and therefore it is important to understand the features of the payment system and the financial products associated with it.
What is the Mir payment system?
This is a Russian national payment system, created in 2014 and introduced to the consumer market in April 2015. Its main areas of work were the issuance of plastic cards and the provision of infrastructure belarus mobile database for processing payments between banks. Later, the system took a significant share of the market in the field of servicing enterprises that accept all types of bank cards for payment - debit, credit, overdraft, etc.
An important feature of the payment system remains its infrastructural independence. Within its framework, settlements are made in rubles; other currencies are not supported at the moment. Payment by Mir card can be made in any relevant way. Including contactless or online. The number of users of the payment system began to grow sharply in 2017, when a law was signed in Russia on the gradual transfer of basic budget payments to them.
Since the launch of the payment system, over 150 million cards have been issued. At the time of writing, more than 155 banks work with it. In 2019, Mir Pay was presented - a mobile application for contactless payments via smartphones that support NFC technology. By March 2023, all credit institutions working with the payment system had implemented the technology.