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Iran Connects to Russia's Mir Payment System: Why It Matters
Iran Connects to Russia's Mir Payment System: Why It Matters
Sputnik International
The first stage of the integration process, announced by Russian Deputy Prime Minister Alexander Novak in 2022, will allow holders of Shetab national payment system cards to use them at cash machines in Russia.
2024-11-12T13:37+0000
2024-11-12T13:37+0000
2024-11-12T19:00+0000
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Russia's Mir and Iran's Shetab payment systems have officially been linked at a ceremony in Tehran, enabling Iranians to use their Shetab cards in Russia now, while Russian citizens will soon be able to use their Mir cards at ATMs in Iran.Russia's financial system, touted by President Vladimir Putin as "absolutely healthy," now spans the globe. Which countries support it?Eight other countries are considering joining the payment system: Indonesia, Egypt, Thailand, India, Nicaragua, Mauritius, Nigeria and Ethiopia.Citing current "pivotal times", he said that "every serious step" to develop and use "alternative payment methods to the US dollar-centric traditional system is part of an evolving, truly multipolar effort that forms only one part of what can be called a financial template for the future.""There is still ‘the Global South’, and a host of countries such as those participating in BRICS, SCO (Shanghai Cooperation Organization), ASEAN (Association of Southeast Asian Nations), ECOWAS (Economic Community of West African States), and MERCOSUR (Southern Common Market) [among others], with plans to connect financially to one or another degree over the coming few years," Goncharoff concluded.
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russia's mir and iran’s shetab payment systems, russia's mir bank card, russia’s financial system, financial cooperation between russia and iran, national currencies
russia's mir and iran’s shetab payment systems, russia's mir bank card, russia’s financial system, financial cooperation between russia and iran, national currencies
Iran Connects to Russia's Mir Payment System: Why It Matters
13:37 GMT 12.11.2024 (Updated: 19:00 GMT 12.11.2024) The first stage of the integration process, announced by Russian Deputy Prime Minister Alexander Novak in 2022, will allow holders of the Iranian national payment system cards to use them at cash machines in Russia. During the second phase, Russian citizens will be able to start using their Mir cards in Iran.
Russia's Mir and Iran's Shetab
payment systems have officially been linked at a ceremony in Tehran, enabling Iranians to use their Shetab cards in Russia now, while Russian citizens will soon be able to use their Mir cards at ATMs in Iran.
Russia's financial system, touted by President Vladimir Putin as "absolutely healthy," now spans the globe. Which countries support it?
Today, Mir cards can be used in 12 countries: Belarus, Kazakhstan, Armenia, Azerbaijan, Tajikistan, Abkhazia, South Ossetia, as well as Cuba, Laos, Myanmar, Venezuela, and Vietnam.
Eight other countries are considering joining
the payment system: Indonesia, Egypt, Thailand, India, Nicaragua, Mauritius, Nigeria and Ethiopia.
When it comes to Iran becoming another country where the use of the Mir platform is allowed, "it will make financial cooperation between Russia and Iran smoother and more efficient through the instant conversion and transfer of their currencies," Paul Goncharoff, veteran financial analyst and general director of consulting firm Goncharoff LCC, told Sputnik.
Citing current "pivotal times", he said that "every serious step" to develop and use "alternative payment methods to
the US dollar-centric traditional system is part of an evolving, truly multipolar effort that forms only one part of what can be called a financial template for the future."
Globally, there are other countries that "want the freedom to choose their own path to economic development and find themselves in close cooperation to develop and then integrate usable payment systems using their national currencies," the analyst added.
"There is still
‘the Global South’, and a host of countries such as those participating in BRICS, SCO (Shanghai Cooperation Organization),
ASEAN (Association of Southeast Asian Nations), ECOWAS (Economic Community of West African States), and MERCOSUR (Southern Common Market) [among others], with plans to connect financially to one or another degree over the coming few years," Goncharoff concluded.
