Russia's Mir Payment System Boasts More Domestic Users Than Foreign Options - Skolkovo

Russian payment system Mir has outpaced its international competitors in terms of user base among the country's population, according to the Center for Research in Financial Technologies and Digital Economy at the Skolkovo Business School

MOSCOW (UrduPoint News / Sputnik - 15th June, 2021) Russian payment system Mir has outpaced its international competitors in terms of user base among the country's population, according to the Center for Research in Financial Technologies and Digital Economy at the Skolkovo business school.

The center cites a research involving 1,600 people across 70 Russian regions.

According to the findings, 42 percent of respondents called the Mir card their main payment method, while the combined share of the international payment systems visa and MasterCard was 54 percent. The individual shares of each were not specified.

The centers explains the Russian card's domestic popularity by such factors as the widespread use of Mir by employers in private and public sectors, a wide selection of cashback reward programs and sanctions against regions such as Crimea.

Another important factor is the improved customer experience that now matches the world's leading systems.

In recent years, Russia has been working to limit its dependency on foreign financial infrastructures by introducing its own system for transactions for banks, called the System for Transfer of Financial Messages, and the Mir payment system, a national system for credit and debit cards. Russia has also been working with some of its partners, like China, to reduce payments in the US Dollar, opting for national currencies instead.