In the spring of 2022, the Visa and Mastercard payment systems left Russia, due to which the owners of such cards issued by Russian banks lost the opportunity to conduct non-cash transactions abroad. Then the Russians were left with “fallback options” in the form of the Chinese UnionPay and the domestic “Mir”, however, in the fall, foreign banks began to stop servicing such cards. Now, it seems that some Russian banks have nevertheless found an opportunity to make the Mir system work abroad, RBC reports, citing its sources.
According to the publication, two large banks are going to install branded POS-terminals in friendly countries configured exclusively to accept Mir cards – at the first stages they want to do this in Turkey and the United Arab Emirates. To implement such an idea, two schemes can be involved, each of which requires an intermediary company.
Pavel Ickert, managing partner of Ickert & Partners, noted that such methods cannot violate the norms of both banking regulation and the functioning of the national payment system. The reason is that both of these methods are limited to the borders of Russia – the bulk of financial transactions are assigned to an intermediary company operating in the territory of another country.
Source: Trash Box
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