India, Russia to explore possibility of payment through RuPay and Mir cards
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Sources said that by using India’s RuPay card and Russia’s Mir card in each other’s countries, citizens of both countries will be able to make seamless payments in each other’s countries. The meeting was co-chaired by External Affairs Minister S Jaishankar from India and Deputy Prime Minister Denis Manturov from Russia.
India and Russia will work on the possibility of seamless payments using RuPay and Mir cards in both the countries amid various sanctions on Russia by Western countries. Giving this information, sources said that in the recent high-level meeting of the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, it was agreed to explore the possibility of accepting these cards. Sources said that by using India’s RuPay card and Russia’s Mir card in each other’s countries, citizens of both countries will be able to make seamless payments in each other’s countries. The meeting was co-chaired by External Affairs Minister S Jaishankar from India and Deputy Prime Minister Denis Manturov from Russia.
It was also agreed in the meeting to increase the connectivity of the Unified Payments Interface (UPI) of the National Payments Union of India and the Faster Payments System of the Bank of Russia. Apart from this, it was also agreed upon to accept Russia’s Financial Messaging System Service Bureau of the Financial Messaging System of the Bank of Russia for cross-border payments, the sources said. At present, payments from India to foreign countries and from foreign countries to India take place through the ‘SWIFT’ network.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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