India, Russia discussing accepting each other's payment systems

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India and Russia are holding discussions regarding the possibility of mutually accepting the national RuPay and Mir payment systems, according to the Deccan Herald, adding that ATMs in India and Russia could soon accept Mir cards, likely also clearing the way for the Indian RuPay payment system.

A source knowledgeable of the topic divulged that mutual acceptance of the Mir and RuPay banking cards were brought up during a visit between India's National Security Advisor Ajit Doval, Russian Security Council Secretary Nikolai Patrushev, and Ministry o Industry and Trade Denis Manturov. The meeting took place from August 17 to 18. 

In July, the deputy chair of Russia's Security Council, Dmitry Medvedev, called for switching to new payment methods, for instance using national currencies, such as the Russian ruble, the Chinese yuan, the Indian rupee, without ruling out creating a new reserve currency for BRICS members. 

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Launched in 2017, Mir is a Russian banking system, meaning both "peace" and "world" in the language. With the West's current isolation measures of Russia, Iran, Cuba, and other countries from the SWIFT banking system, friendlier alternatives have been on the rise in a bid to combat the West's economic hegemony and aggression. 

Last week, the Iranian finance ministry's banking and insurance department said that Iran could join Mir payment system within months of when talks between Tehran and Moscow reach a conclusion. This, according to Qorban Eskandari, the department's head, could be in the very near future.

South Korea and Turkey, in addition, have also joined Mir, and several former Soviet republics benefit from its services. The United Arab Emirates and India may also join Mir in the future.

Last February, Russian banks were excluded from the SWIFT interbank payment system by the decision of the European Commission and its allies. The maneuver was intended to hit the country's banking network and its access to funds via SWIFT, which is pivotal for the smooth transaction of money worldwide.

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