Russia, India Plan to Connect National Payment Systems

(MENAFN) Russia and India are eager to integrate their national payment networks, and this issue is expected to feature prominently during President Vladimir Putin’s trip to New Delhi in December, according to a senior Russian official.

Indian Foreign Minister S. Jaishankar addressed the potential connection between Russia’s Mir and India’s RuPay systems when he met with Putin in Moscow earlier this month, Russian Deputy Foreign Minister Andrey Rudenko told a news agency on Monday.

Following the implementation of Western sanctions on Russian banks, many travelers from Russia have been compelled to rely on cash when making payments in India.

Indian visitors to Russia face a comparable challenge, as international Mastercard and Visa cards are not functional in the country.

Moscow remains optimistic that the two nations can reach an agreement on the mutual acceptance of the Mir and RuPay systems, Rudenko told the publication.

“This, of course, would encourage more Russian tourists to visit India, assist them in navigating the country, and enable them to access services offered by our Indian friends,” he stated.

“We hope that this and other related matters will be addressed.”

The integration of Russian and Indian payment platforms can be implemented relatively quickly on a limited basis, the news agency cited Alexey Kupriyanov, head of the Center of the Indo-Pacific Region at the Primakov National Research Institute of World Economy and International Relations, as saying.

“The subsequent step is to link SBP [Russia’s Faster Payments System] with UPI [India’s Unified Payments Interface], ideally allowing businesses to conduct mutual settlements via Mir and RuPay,” Kupriyanov explained to the news agency.

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