Iran, Russia’s Local Payment Systems Interconnected

A plan for the connection of Iran and Russia’s payment systems has been finally brought into operation, allowing travelers from the two nations to use their domestic debit cards for purchases in each country.

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. - Tasnim