Iranian Shopping Boost: Russian Tourists Embrace Mir Pay for Seamless Transactions
On May 13, a significant advancement in financial cooperation between Iran and Russia was achieved with the integration of their card payment networks. This development allows Russian citizens to shop at Iranian terminals using the Mir Pay application, as announced by Asghar Abolhasani Hastiani, the deputy governor of the Central Bank of Iran. This innovative solution is set to enhance the shopping experience for both nations and foster closer economic ties.
During the unveiling ceremony for the second phase of this project, Hastiani emphasized that the integration of Russia’s Mir payment network and Iran’s Shetab payment system represents a crucial step towards strengthening financial collaboration. He provided insights into the phases of this project:
- Phase One: Successfully launched to facilitate financial transactions between the citizens of both countries. This initial phase allows Iranian bank cards, connected to the Shetab network, to be used in Russian ATMs.
- Phase Two: Currently being unveiled, this phase enables Russian tourists to make purchases in Iran using the Mir Pay application.
- Phase Three: This phase is still under development, with further enhancements expected to follow.
Hastiani noted that with this integration, Iranian tourists can now conveniently withdraw rubles from Russian ATMs using the riyal balance on their Shetab cards. This feature significantly simplifies the financial experience for travelers.
Additionally, Nooshafarin Momen Vaghefi, the vice governor of the Central Bank of Iran for IT technology affairs, highlighted the impressive impact of the project to date. Since its implementation, nearly two million banking withdrawals have been made by approximately 100,000 Iranian users in Russia. This statistic underscores the growing adoption and utility of the integrated payment systems.
Moreover, Momen Vaghefi indicated that the second phase of the project has involved identifying key cities in Iran that are popular among Russian tourists, in collaboration with the Tourism Ministry. The Mir Pay application can now be utilized at 165,000 locations across various Iranian tourist cities, making it easier for Russian visitors to navigate their financial transactions.
The integration of banking subsystems between Iran and Russia is viewed as a monumental step towards fostering comprehensive economic cooperation in the region. It facilitates the ongoing de-dollarization process and enhances economic and tourism relations between the two nations.
This connection between the national payment networks is expected to eliminate barriers to electronic payments, marking the beginning of a new era in economic and cultural cooperation between Iran and Russia. The potential for growth in mutual trade has been evident, with both countries taking proactive measures to strengthen their economic ties.
In April 2024, the Iranian Foreign Ministry confirmed that the project to utilize Mir cards had officially entered the implementation stage. This follows discussions that began in May 2022, when Russian Deputy Prime Minister Alexander Novak revealed that initiatives to connect the Mir and Shetab payment systems were in progress.
As both nations continue to take serious steps to enhance their mutual trade, this integration of payment networks not only simplifies transactions but also lays the groundwork for a more integrated economic future. The collaboration between Iran and Russia is set to become a model for international economic partnerships in the region, providing a solid framework for future developments.
In conclusion, the successful integration of Iran’s Shetab and Russia’s Mir payment systems represents a significant milestone in enhancing financial cooperation. It opens up new avenues for commerce and tourism, paving the way for a stronger economic relationship between the two countries.
