Conditions to be created for using Russian Mir payment cards in Azerbaijan

The cards of the Russian payment system Mir will be used in Azerbaijan soon, chairman of the management board of VTB Bank (Azerbaijan) Yevgeniy Kirin said.

Kirin made the remarks in Baku at the press-conference on the results of the first quarter of this year, Trend reports.

“A great share of the card issue in Russia accounts for the cards of the Mir payment system,” he said. “Taking into account an increase in the emission of cards in the Russian market and the growing flow of Russian tourists to Azerbaijan, which last year reached 850,000 people, there is a need for the Mir cards in Azerbaijan.”

“This project is aimed at the convenience of carrying out cash transactions of Russian tourists in Azerbaijan,” he added.

Kirin stressed that this would also be beneficial for the Azerbaijani side because of the profitability of this project. He said that the project is being coordinated with Financial Market Supervisory Authority of Azerbaijan (FIMSA).

Kirin expressed hope for speedy settlement of this issue and implementation of the project.

The National Payment Card System JSC was established in Russia in 2014.

A center was created to process domestic Russian transactions using international payment systems. The national payment card was issued and promoted. Since 2015, all operations with MasterCard and Visa cards have been carried out through the National Payment Card System. Mir card was also created in that period.

“So far, 59.5 million Mir cards have been issued, which is 20 percent of the total issue,” head of the National Payment Card System Vladimir Komlev said. “Among 59.5 million Mir cards, there are debit and credit cards, cards with contactless payment system, social, campus, public transport and co-badged cards with two payment systems (Mir and one of the international payment systems ), which allows using them worldwide.”