New Russian national payment card system to roll out in 2016
Mir, Russia’s new national payment card system, will be fully rolled out in 2016.
The first Russian electronic payment cards were issued earlier this week. Under Russia’s Federal Law 112, banks deemed by the central banks as being critically important and those offering merchant payment acquisition services must accept Mir transactions. The government has budgeted $64.2 million toward card issuance.
“This will likely lead to mass adoption of the new card,” an announcement of the release said.
Russian company PayOnline will employ its payment acceptance platform to process Mir cards within Russia and will also promote its acceptance with foreign banks.
“Undoubtedly, the potential for the National Payment System is tremendous, taking into account constantly growing market and government initiatives to stimulate electronic forms of payment,” said PayOnline CEO Marat Abasaliev. “PayOnline, which accounts for 30 percent of the IPSP market, is prepared to play a key role in the process and incorporate best practices from around the world in order to support successful roll out.”