Russia and India Push to Link National Payment Systems Ahead of Putin's December Visit
Russia and India are actively working to link their national payment systems, a critical issue that is expected to be a high priority when Russian President Vladimir Putin visits New Delhi in
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Russia and India are actively working to link their national payment systems, a critical issue that is expected to be a high priority when Russian President Vladimir Putin visits New Delhi in December for the annual summit.
The goal is the mutual acceptance of Russia’s Mir card payment system and India’s RuPay system.
Why the Link-Up is Crucial
The initiative is primarily driven by the need to bypass global payment systems like Mastercard and Visa, which suspended operations for Russian banks following Western sanctions.
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Ease of Travel and Commerce: The linking of Mir and RuPay would allow citizens of both countries to make seamless, card-based transactions using their respective national currencies (the Russian ruble and the Indian rupee) in the other country.
This is expected to significantly boost tourism. -
Reduced Costs: Linking SBP and UPI could facilitate mutual settlements for businesses, eliminating the need for intermediaries and potentially reducing currency exchange commissions by up to 30%.
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Digital Convenience: Future steps could enable QR code and electronic wallet payments in each other’s countries, moving beyond credit card reliance entirely.
Russian Deputy Foreign Minister Andrey Rudenko confirmed that Indian Foreign Minister S. Jaishankar discussed the linking of the systems with President Putin during a recent visit to Moscow.
Growth in National Currency Trade
This push for payment system integration aligns with the broader move away from traditional international currencies (like the US Dollar).
