Russia to Introduce new Payment Method with Smartphone Using Mir Cards in October

Russia to Introduce new Payment Method with Smartphone Using Mir Cards in October

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Starting October 25, 2022, the Mir card holders will be able to pay for purchases with the help of a smartphone, without using a plastic card. Russian banks that issue and accept Mir cards will soon be able to perform payment and refund transactions using a QR code placed on merchandise.

Izvestia reported about this innovation with reference to the newsletter issued by the National Payment System (NPS), which notes that such a quick and easy way to pay will be possible after authentication.

In order to make quick payments without plastic, a cardholder will have to form a QR-code in his smartphone and show it at the cash desk in the shopping center. The seller will scan the information by means of the special device and the money will be charged. In case there will be some mistake while making this operation it will be possible to make a refund to the owner as well as in case of using plastic.

According to media reports, Otkritie Bank specified that the new payment method, which will be available this fall, will be easier and much more convenient than the current Faster Payments System (FPS.)

In the meantime, the NPS bulletin says, the implementation of this payment system will require additional refinement on the part of merchants who will switch to this payment system. This document also reports that in the future credit institutions will be able to provide their customers with this method of payment.

According to Izvestia, the press service of NPS has specified that the Mir system is planning to give financial institutions an opportunity to make payments using QR codes. It will be possible to do this only in case such QR-code will be formed on a smartphone.

This information has already been confirmed by the management of major banks, as well as representatives of the Mir payment system. Meanwhile, it became known that the Russian Standard Bank takes part in the development of this project.

It should be reminded that the FPS, which was developed by the Cenral Bank of Russia and the National Payment Card System (NSPK), was introduced in our country in early 2019. The Central Bank is the operator and settlement center in this system, and NSPK acts as the operational payment and clearing center. The FPS is becoming more and more popular among Russians. According to the data published by the Central Bank, about 30% of plastic cards holders make payments in the system of fast payments. After the launch of the SBP, the total number of transactions in this system amounted to more than 8 trillion rubles ($141.07 bln).

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