CBSL NO for MIR Payment for the moment

COLOMBO (News 1st) - The Central Bank of Sri Lanka (CBSL) says that due to the US sanctions on the MIR payment system, as confirmed by the Ministry of Foreign Affairs, it is NOT in a position to consider favorably, at the current juncture, the request to operate MIR card scheme within the banking system.

What is the MIR payment system? 

MIR is a local payment card in Russia sponsored by the Russian government.

The National Payment Card System (NSPK) was established in July 2014 following sanctions against Russia earlier that year, which left Russian cardholders and merchants temporarily unable to transact on international card networks. By December 2015, NSPK had developed the technical infrastructure and commercial agreements to begin card issuance and ATM and POS acceptance for MIR.

All Russian banks that are members of the international card networks process and clear via NSPK. MIR is already accepted at more than 85% of POS terminals in the country, in neighboring countries through the exchange of BIN tables, and internationally via co-branding deals with international card brands, including Amex, JCB, and Maestro.

MIR can also be used to purchase goods online. MIR contactless, mobile, and loyalty projects are in progress. The aim is to incorporate payment, non-financial, and government services into the MIR card.