💳 India 🇮🇳 to Accept "Mir" Cards

💳 India 🇮🇳 to Accept "Mir" Cards

The Indian payment system RuPay is set to begin operations in Russia 🇷🇺.

▶️ A significant step for Russia's payment system internationalization: Unlike countries like Iran 🇮🇷 and Cuba 🇨🇺, which remain relatively financially isolated, India stands as a major player in the global economy with a rapidly expanding financial sector.

▶️ RuPay: India's largest card payment system, backed by the Reserve Bank of India. Launched in 2017, RuPay cardholders reportedly make an average of 40 transactions per month, according to fintech Kiwi — a volume 8 times higher than traditional credit card users.

▶️ Context: RuPay and its primary partner, Unified Payments Interface (UPI), are managed by the National Payments Corporation of India (NPCI). UPI is India's leading digital payment system, accounting for approximately 83% of all digital transactions, according to the Reserve Bank of India.

⚠️ Visa and MasterCard may face significant competition as this development unfolds.

#news #India #Russia

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