Payment News

Russia’s National Payment Card Network Making Progress

In 2015 Russia set up a national payments card network called Mir. It was set up with government backing after MasterCard and Visa cut off services to a number of the country’s banks following the annexation of the Crimea. In 2020 28.6% of all debit cards in Russia have been issued by Mir, according to GlobalData, giving it 25.3% of transaction value.

Mir has achieved this with the active support of the government. For example, pensions are paid using Mir and public employees receive state funds and welfare benefits using Mir payment cards. Initially merchants with an annual turnover of over RUB40 million, about $0.5 million, have had to accept Mir cards but this was reduced to RUB30 million in March and will fall to RUB 20 million in July.