TEHRAN--Card payment networks between Iranians and Russians were connected on May 13, based on which Russian citizens can shop from Iranian shopping terminals through using the Mir Pay application, said the deputy governor of the Central Bank of Iran, Asghar Abolhasani Hastiani.

The application gives a secure shopping experience in the other country, he said, ISNA reported. 

Addressing the unveiling ceremony for the second phase of connecting Russia’s Mir payment network and Iran’s Shetab payment system, he noted that this project is a great measure toward increasing financial cooperation.

He explained that it has been designed in three phases. The first phase was inaugurated successfully to facilitate financial transactions between the citizens of the two countries, he said. The first phase provides the possibility of using bank cards of Iran, which are under Shetab network, in Russian ATMs for tourists, he added. 

In this way, now Iranian tourists can easily receive ruble notes from Russian ATMs using the riyal balance of their Shetab cards, he pointed out.

The third phase of the project is under progress, he mentioned. 

He expressed the hope that the project will improve the shopping experience of citizens of both nations. In addition, it can be considered a model for international economic cooperation in the region, he said.

Speaking at the same gathering, Nooshafarin Momen Vaghefi, vice governor of Central Bank of Iran for IT technology affairs, said since implementation of this project, nearly two million banking withdrawals have been made by 100,000 Iranian users in Russia. 

In the second phase of the project, destinations cities of Russian tourists have been identified in Iran with cooperation of Tourism Ministry, she said.

The Mir Pay application can be used by Russian tourisms in 165,000 spots across Iranian tourist cities, which can be viewed on the Shaparak information database, she added. 

Integration of the two countries’ banking subsystems is a big step towards creating integrated economic cooperation in the region, completing the de-dollarization process and facilitating economic and tourism relations between Iran and Russia.

By connecting the national payment networks of the two countries, the borders of electronic payments will be removed and a new chapter will begin in the economic and cultural cooperation of the two nations. 

In April 2024, the Iranian Foreign Ministry announced that the project to use Mir cards had entered the implementation stage. In May 2022, Russian Deputy Prime Minister Alexander Novak said that the countries were discussing how to connect the Mir and Shetab payment systems.

Iran and Russia have been taking serious steps to boost their mutual trade over the past few years.

KD