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NEW DELHI: India and Russia will explore the possibility of accepting RuPay and Mir cards in each other’s country for hassle-free payments amid sanctions imposed by the West on Moscow.
In a recent high-level Internal Governmental Commission meeting(IRIGC-TEC), it was agreed to explore the opportunity of allowing acceptance of these cards, sources said. The meeting, co-chaired by external affairs minister S Jaishankar and Russia deputy PM Denis Manturov, also agreed to explore the possibility of interaction of UPI and the Faster Payments System (FPS) of the Bank of Russia.
Besides, it was also agreed to look at adopting the Russian financial messaging system, Services Bureau of Financial Messaging System of the Bank of Russia, for crossborder payments. Currently, overseas payments from India and vice versa are through the SWIFT network.
In a recent high-level Internal Governmental Commission meeting(IRIGC-TEC), it was agreed to explore the opportunity of allowing acceptance of these cards, sources said. The meeting, co-chaired by external affairs minister S Jaishankar and Russia deputy PM Denis Manturov, also agreed to explore the possibility of interaction of UPI and the Faster Payments System (FPS) of the Bank of Russia.
Besides, it was also agreed to look at adopting the Russian financial messaging system, Services Bureau of Financial Messaging System of the Bank of Russia, for crossborder payments. Currently, overseas payments from India and vice versa are through the SWIFT network.
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