Bloomberg: The Mir payment system has failed

Bloomberg: the payment system

The publication summed up the impact of sanctions on the alternative payment system.

Analysts of the Bloomberg edition came to the conclusion that against the background of the termination of the Russian payment system “Mir” in 6 of the 9 countries in which it worked, the system failed.

According to experts, Russia failed to introduce its alternative to the current American Visa and European Mastercard due to the refusal of banks to support it against the background of economic anti-Russian sanctions.

Such financial isolation and threats to friendly credit institutions from unfriendly countries led to the Bank of Russia’s surprising refusal to serve the world.

Bloomberg sources reported that, at the moment, the Central Bank is busy looking for an alternative.

Viktor Dostov, President of the Russian Association of Electronic Money and Money Transfer Market Participants, quoted by Kommersant, explained what caused the refusal of credit institutions.

In his opinion, the authorities’ fear of secondary sanctions outweighs the attractiveness of commission income.

As a result, Russians abroad are forced to use “partial solutions”, because they are equally inaccessible to both the World and foreign Visa and Mastercard.

Earlier, Topnews wrote that since the end of September, banks in Turkey, Kazakhstan, Vietnam and Armenia have suspended work with Russian Mir cards.

Also, the payment system does not work in Uzbekistan, Tajikistan, Kyrgyzstan, Kazakhstan. Sri Lanka, did not work with the “World” at the negotiation stage.

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