India and Russia are looking forward to joining hands over the possibility of RuPay and Mir cards transactions in each other’s country for easy payments, amid sanctions imposed by the West on Moscow, as said in a meeting.
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At India-Russia Intergovernmental Commission for Trade, Economic, Scientific & Cultural Cooperation (IRIGC-TEC) meeting, it was stated that both the countries are looking to explore the opportunities of acceptance of these two cards, reports said.
Payment linkage of UPI and the Faster Payments System (FPS) of the Bank of Russia was also agreed here.
Minister of External Affairs of India S Jaishankar and Deputy Prime Minister of Russia Russia Denis Manturov, were present in the high-level meeting.
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In addition, the two countries also agreed to look at adopting Services Bureau of Financial Messaging System of the Bank of Russia, a financial messaging system.
Earlier this year, India’s Unified Payments Interface (UPI) and Singapore’s PayNow was integrated to boost cross-border transactions.
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Published on May 1, 2023
