01.05.2023, 09:23
India is exploring the possibility of servicing Mir cards
Source: OREANDA-NEWS
OREANDA-NEWS India is discussing with Russia the possibility of using Russian Mir cards on its territory, and the Russian Federation, in turn, may allow paying with cards of the Indian RuPay payment system, The Economic Times reports, citing sources.
According to the interlocutors of the publication, India and Russia agreed to explore the possibility of accepting cards of each other's payment systems following a meeting of the high-level internal government commission on trade, economic, scientific, technical and cultural cooperation. The event was attended by Indian Foreign Minister Subramanyam Jaishankar and the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov, reports The Economic Times.
According to the publication, the parties also decided to explore the possibility of interaction between the Russian System of fast payments and the Indian Unified Payment Service. In addition, at the meeting it was decided to consider the issue of switching to the Russian system of transmission of financial messages for cross-border payments between India and Russia, The Economic Times reports.
The fact that India and Russia can recognize each other's payment systems, in August 2022, the Deccan Herald wrote with reference to sources. At the end of March last year, The Economic Times reported that Russia and India have created an analogue of SWIFT for settlements between countries.
Russian exports to India increased almost fourfold from April 2022 to January 2023, according to data from the Ministry of Industry and Trade of this country. Such rapid growth was primarily provided by the supply of oil, coal and fertilizers. Imports from India, on the contrary, decreased, in particular due to a decrease in supplies of machinery and equipment to the Russian Federation. Trade between countries is accompanied by difficulties with settlements: foreign banks often block payments, and the transition to rupees and rubles is limited due to the peculiarities of currency regulation and a strong imbalance in mutual supplies.
According to the interlocutors of the publication, India and Russia agreed to explore the possibility of accepting cards of each other's payment systems following a meeting of the high-level internal government commission on trade, economic, scientific, technical and cultural cooperation. The event was attended by Indian Foreign Minister Subramanyam Jaishankar and the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov, reports The Economic Times.
According to the publication, the parties also decided to explore the possibility of interaction between the Russian System of fast payments and the Indian Unified Payment Service. In addition, at the meeting it was decided to consider the issue of switching to the Russian system of transmission of financial messages for cross-border payments between India and Russia, The Economic Times reports.
The fact that India and Russia can recognize each other's payment systems, in August 2022, the Deccan Herald wrote with reference to sources. At the end of March last year, The Economic Times reported that Russia and India have created an analogue of SWIFT for settlements between countries.
Russian exports to India increased almost fourfold from April 2022 to January 2023, according to data from the Ministry of Industry and Trade of this country. Such rapid growth was primarily provided by the supply of oil, coal and fertilizers. Imports from India, on the contrary, decreased, in particular due to a decrease in supplies of machinery and equipment to the Russian Federation. Trade between countries is accompanied by difficulties with settlements: foreign banks often block payments, and the transition to rupees and rubles is limited due to the peculiarities of currency regulation and a strong imbalance in mutual supplies.
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