Russia and Armenia complete pilot project on integration of their payment systems

ArmBanks, Armenia

Aug 18 2017

Russia and Armenia complete pilot project on integration of their payment systems
18.08.2017 14:54

YEREVAN, August 18. /ARKA/. Russia and Armenia have completed a pilot project on the integration of their national payment systems, Russian Lenta.ru reported citing the National Payment Card System of Russia.

Armenia’s national payment system ArCa accepts now Russian Mir cards, while ArCa cards are accepted in Russia by VTB, Alfa Bank, Center-Invest and Uraltransbank banks.

VTB is the settlement bank of the Mir system for transactions between payment systems of the two countries. Only national currencies are used in the calculations.

According to the Deputy Governor of the Bank of Russia Olga Skorobogatova, Mir cards will be accepted on the territory of Armenia until the end of 2017.

In April, the National Payment Card System of Russia announced the beginning of negotiations on the acceptance of Mir cards in Thailand to simplify the payment process for tourists. In 2016, more than a million Russian citizens visited that country.

Russia created the Mir payment system in 2014, after Visa and MasterCard ceased to service the cards of a number of Russian banks because of US sanctions against Russia. -0-

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS