Five Russian banks have begun cross-border transfers to three countries using the fast payment system FPS, according to Alla Bakina, head of the national payments system department at the Central Bank of Russia. The remarks came in an interview given to a leading Russian newspaper and highlighted ongoing efforts to extend such transfers from abroad to Russia as well. By the end of summer, it is planned to enable Mir card payments at any terminal in Cuba, with rollout to five or six additional countries expected by year’s end.
Bakina also noted that Mir’s share of newly issued cards in the first quarter reached 44.5 percent, up from 41.2 percent the previous year, indicating a notable rise in card issuance. In terms of transaction volume, Mir controlled 45.6 percent of activity within the same period. These figures reflect a broader push to strengthen Russia’s domestic payment ecosystem and support growth in digital payments, including the use of Mir cards for cross-border transactions and domestic acceptance at merchant terminals.
The Central Bank official indicated that the government has included the production of chip and card acceptance equipment in the list of projects aimed at technological advancement and structural modernization of the economy. The initiative is expected to attract additional funding, accelerate import substitution, and make Russian payment solutions more accessible and profitable for market participants. In addition to POS terminals, other technological options were highlighted, such as Soft-POS software that turns a smartphone into a payment terminal, as well as QR code payments, which collectively expand options for merchants and consumers alike. [citation: The Economist]
In May, it was revealed that Russian banks should connect to China’s CIPS system, the international bank transfer network, in response to a sharp rise in cross-border payments between Russia and China. The aim is to ensure faster and more cost-effective transfers between the two economies. [citation: The Financial Times]
There was also reference to a potential increase in the key policy rate by the Central Bank, signaling ongoing scrutiny of monetary policy as part of broader financial strategy. [citation: Interfax], [citation: Reuters]