Mir (Russian: Мир, IPA: ; lit. 'peace' or 'world') is a Russian payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system is operated by the Russian National Card Payment System , a wholly owned subsidiary of the Central Bank of Russia.
Visa and Mastercard debit and credit cards issued by Russian banks will no longer work abroad. Meanwhile, Russia’s ‘MIR’ payment system is becoming the main domestic payment system.
Mir (Russian: Мир, IPA: ; lit. 'peace' or 'world') was a space station that operated in low Earth orbit from 1986 to 2001, operated by the Soviet Union and later by Russia. Mir was the first modular space station and was assembled in orbit from 1986 to
Nabiullina also said that Moscow aims to extend the number of countries that accept Mir banking cards, after international corporations Visa and MasterCard have joined Western sanctions, suspending operations in Russia. The national payment system Mir was launched by the central bank in 2015.
In 2017, Moscow passed a law requiring banks handling pension payments and public sector worker salaries to make those funds available through Mir cards, causing usage to jump from 2 million to 95 ...
MIR is an Ethereum token that governs the Mirror Protocol which “allows the creation of fungible assets, that track the price of real world assets.” The project aims to enable 24/7 equities trading by minting “synthetic” versions of the real thing. MIR tokens can be used to propose and vote on important changes to the protocol.
China's Cross-Border Interbank Payment System (CIPS) — which processes payments in Chinese yuan — also has potential to replace SWIFT. The system has an expansive network of 1,280 financial institutions, said Peter Keenan, the cofounder and CEO of Apexx, a payments provider that used to work with Russia's domestic Mir payment card.
Sanctions have cut Russia off from the global financial system and from nearly half of its gold and foreign exchange reserves, which stood at $606.5 billion in early April. On Friday, Finance Minister Anton Siluanov told a ministerial meeting with BRICS, which consists of Brazil, Russia, India, China and South Africa, that the global economic situation had worsened substantially due to the ...
Mir and UnionPay are among the few options left for Russians to make payments abroad since Russian banks were isolated from the global financial system in response to what Moscow calls its ...