TEHRAN (Iran News) In a formal ceremony in Tehran on Monday, attended by the governor of the Central Bank of Iran and managers of a number of Iranian banks, a previous agreement on the connection of Iran’s ‘Shetab’ and Russia’s ‘Mir’ card payment systems for electronic fund transfers took effect.

In the first phase, Iranian nationals are able to use their Shetab cards under the Kahroba (amber) smart debit card scheme to withdraw rubles from automated teller machines across Russia.

During the second stage, Russian travelers will be able to use their Mir cards in Iran.

After the implementation of the third stage, Iranian nationals will be allowed to use their Shetab cards in the point of sale (POS) terminals of all shops across Russia.

According to CBI chief Mohammad Reza Farzin, the two domestic payment systems have been interconnected following the finalization of plans in the wake of a meeting with his Russian counterpart Elvira Nabiullina on the sidelines of the Financial Congress of the Bank of Russia in St. Petersburg in July.