Iran and Russia Connect Payment Systems, Enabling Cross-Border Card Use
New Shetab-Mir Integration Allows Russians to Use Bank Cards in Iran, Deepening Economic Ties
Iran, PUREWILAYAH.COM - Iran and Russia have officially launched the second phase of their payment systems integration, connecting Iran’s Shetab network with Russia’s Mir system. This move allows Russian visitors to use their Mir bank cards for payments and transactions within Iran, marking a significant step in financial cooperation between the two countries.
According to officials from the Central Bank of Iran (CBI), the integration means Russian nationals can now make purchases and withdraw cash in Iran using their Mir cards. The system is being rolled out in phases: the first phase enabled Iranians to use their Shetab cards at Russian ATMs, while the latest phase focuses on Russian cardholders in Iran. A future phase is expected to allow Iranian Shetab cards to be accepted at point-of-sale terminals in Russian stores as well.
The CBI highlighted that this development is part of broader efforts by both nations to strengthen economic ties and facilitate trade, especially as both countries face Western sanctions. The integration was finalised after meetings between CBI Governor Mohammad Reza Farzin and his Russian counterpart, Elvira Nabiullina, during the Financial Congress of the Bank of Russia in St. Petersburg.
In addition to card interoperability, Iran and Russia are also exploring the launch of a payment messaging service to rival SWIFT, aiming to further insulate their financial transactions from Western restrictions.
This payment system connection is expected to boost tourism, business, and bilateral trade, which has already seen significant growth in recent years. The move is seen as a strategic step toward greater economic independence and cooperation between Iran and Russia.(PW)
Source: PressTv