MIR

#Card (credit or debit)

The MIR payment method is a national payment system in Russia. It was developed with the aim of reducing the country’s dependence on international payment networks such as Visa […]

Certified payment providers 3
Market coverage 11
  • Abkhazia
  • Armenia
  • Belarus
  • Kazakhstan
  • Kyrgyzstan
  • Russia
  • South Korea
  • South Ossetia
  • Tajikistan
  • Uzbekistan
  • Vietnam
Currencies 3
  • Euro
  • Russia Ruble
  • United States Dollar
Description

The MIR payment method is a national payment system in Russia. It was developed with the aim of reducing the country’s dependence on international payment networks such as Visa and Mastercard. The term “MIR” means “peace” in Russian, but it is also an acronym for “Moye Istochniky Razvitiya” (My Sources of Development).

The MIR system was launched in 2015 by the Russian government and the Central Bank of the Russian Federation. It offers payment cards and electronic payment solutions to Russian consumers. MIR cards can be used for online payments, in-store purchases, cash withdrawals from ATMs, and other common transactions.

The main objective of the MIR payment method is to stimulate Russia’s financial independence and reduce the costs associated with international transactions. It also aims to strengthen payment security and protect the data of Russian consumers by avoiding sharing sensitive information with foreign payment networks.

Since its launch, the MIR system has experienced significant growth, with increasing adoption by Russian consumers and merchants. Russian authorities have also taken steps to encourage its use, such as introducing discounts and benefits for MIR card users.

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Frequently Asked Questions

What are the best practices for managing cross-border payments?2023-04-18T18:56:57+02:00

NORBr is a payment orchestrator that connects you to all cross-border payment services providers that can help you manage your cross-border payments efficiently and securely, while also ensuring compliance with relevant regulations. NORBr offers advanced features like fraud detection, currency conversion, and real-time tracking and reporting, which can help you optimize your payment processing for cost efficiency and speed.

What are the risks associated with cross-border payments?2023-04-18T18:57:21+02:00

Cross-border payments can be associated with several risks for you, including currency fluctuation risk, regulatory risk, and fraud risk. Currency fluctuation risk refers to the potential impact of exchange rate fluctuations on the value of your payments. Regulatory risk relates to the complexity of complying with different regulations in different countries. Fraud risk refers to the potential for fraudulent activity, which can be more difficult to detect and prevent in cross-border transactions.

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