UnionPay International and NSPK, a card payment system established by Central Bank of Russia, have signed an agreement, under which both parties will jointly promote the participating banks of NSPK to issue UnionPay-MIR debit cards.
NSPK manages switching of all the local transaction of bankcards issued by international card brands in Russia, to ensure the continuity and security of bankcard transaction.
MIR is a local bankcard brand established by NSPK that strives to encourage Russian banks to issue and accept MIR cards to promote e-payments.
NSPK currently has 130 participating banks in Russia, and the acceptance network of MIR cards is expanding gradually.
The collaboration will facilitate acceptance of the UnionPay-MIR cards in the networks of both parties, which will significantly expand the card-using scope of Russian citizens.
Additionally, it will promote the mainstream institutions in Russia to issue UnionPay cards on large scale, and thus accelerate the localization of UnionPay in the market.
NSPK CEO Vladimir Komlev said this cooperation will not only enhance the two side’s operating capacity of national projects, but also facilitate Russian residents to use MIR cards outside Russia on a much larger scope.
Komlev further added: “We are willing to deepen our cooperation with UnionPay International, enlarge card-issuing scale, and jointly promote non-cash payment methods.”