payment system Archives - Iran News Daily

Iran, Russia’s Local Payment Systems Interconnected

mahla — Sun, 07 Jul 2024 22:13:12 +0000

TEHRAN (Iran News) –The governor of the Central Bank of Iran announced on Saturday that a previous agreement on the connection of Iran’s ‘Shetab’ and Russia’s ‘Mir’ card payment systems for electronic fund transfers is now operational.

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

In the first phase, which will be fully operational by the end of August, Iranian nationals will be able to use their Shetab cards under the Kahroba (amber) smart debit card scheme to withdraw rubles from the automated teller machines across Russia, he noted.

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

He also stated that Iranian nationals will be allowed to use their Shetab cards in the point of sale (POS) terminals of all shops across Russia in the third stage.

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Iran Set to Join Russia’s MIR Card Payment System

mahla — Fri, 02 Sep 2022 19:09:12 +0000

TEHRAN (Iran News) –The Iranian Central Bank of Iran is negotiating to join Russia’s MIR payment card system to facilitate financial transfers and trade, according to Hadi Tizhoush Taban, the Chairman of the Iran Russia Joint Chamber of Commerce.

MIR is supported by Russia’s SPFS payment system and operates as its alternative to SWIFT.

Taban said that the first stage of cooperation would be to enable financial transactions between Iran and Russia via MIR, adding that it is possible that Iran could transfer money with other member countries via this system in coming steps. That will include members of the Eurasian Economic Union (EAEU), which Iran has a Free Trade Agreement with, and includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan in addition to Russia. All are connected to MIR.

It will also have a positive effect on Iran’s trade with Tajikistan, Turkey and Uzbekistan, who also use MIR, in addition to Vietnam which also has an EAEU FTA and accepts MIR. Venezuela and Cuba also use MIR card systems and the network can be expected to grow. Russia recently approached the Shanghai Cooperation Organization, which has a strong Central Asian and Arabic membership base, to consider joining its SPFS system. Should that happen, MIR payment card facilities will follow.

Taban pointed out the recent trilateral agreement between Iran, Russia, and Azerbaijan for accelerating transit will increase trade between the three countries and includes digital data exchange. According to the Russian Federal Customs Service, trade turnover between Iran and Russia reached $4.035 billion in 2021, an 81.7% increase over the previous year.

In 2022 to date, Russia’s exports to Iran hit US$3.068 billion, recording a 2.2% increase while Russian imports from Iran reached US$967.3 million, a 21.4% increase.

Meanwhile Taban said that Iran’s share of Russia’s trade turnover is just .5% and recent MoU between Iran, Russia and Azerbaijan is aimed at boosting trade among the three countries. He noted that according to the Custom Office of Russia, the trade volume of Iran and Russia was over $4b in 2021 which shows 81.7% growth comparing to 2020.

He added that Russia’s exports to Iran with 2.2% growth reached $3b while its imports from Iran with 21.4% growth hit $967.3%.

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Germany looking at payment system with Iran to save nuclear deal

reporter 1222 — Sat, 15 Sep 2018 10:30:17 +0000

Germany and its European partners are considering setting up a payment system with Iran that allows the continuation of business transactions with the Islamic Republic once U.S. sanctions kick in, an economy ministry spokeswoman said on Friday.

“As you know, it is a central goal of the EU and the German government to ensure that the processing of transactions is secured,” the spokeswoman said during a regular government news conference. “All options are being considered.”

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