India, Russia Considering Accepting Each Other’s Payment Systems, Report Says

NEW DELHI (Sputnik) - India and Russia are discussing the possibility of mutual acceptance of the national RuPay and Mir payment systems, the Deccan Herald daily reports.

Cards based on Russia’s Mir payment system could soon be accepted at ATMs in India and Russia, in its turn, is also likely to clear the way for acceptance of India's RuPay payment system, the newspaper said on Sunday citing sources.

One source said that the mutual acceptance of Mir and RuPya cards was discussed during the visit of India's National Security Advisor Ajit Doval to Moscow on August 17-18. While in Moscow, Doval met with Russian Security Council Secretary Nikolai Patrushev, as well as Minister of Industry and Trade Denis Manturov.

In July, Dmitry Medvedev, the deputy chair of Russia's Security Council, called for switching to new payment methods, including the use of national currencies, such as the Russian ruble, the Chinese yuan, and the Indian rupee, and did not rule out the establishment of a new reserve currency of the BRICS states.

In March, both Visa and Mastercard announced that they were suspending operations in Russia over Moscow’s special military operation in Ukraine. Visa and Mastercard cards issued by Russian banks no longer work outside the country or in foreign online stores.