MIR - The Russian National Payment System Gaining Traction

Mir, the Russian national payment system, which translates into peace or world in English was created shortly after American sanctions revealed the fragility of relying on outside, or foreign controlled, payment systems.

Mir is operated by a wholly owned subsidiary of the Bank of Russia.

The payment system will soon serve both civil servants and pensioners as a standard method of payment.

Last year the Chinese internet giant AliExpress became the first foreign company to accept payment through the new system. Also, McDonald's became the first American business to accept the new payment system.

Soon the cards will be accepted at all point of sale and automated teller machines throughout the Russian Federation.