Iran, Russia Connect Payment Networks
Governor of the Central Bank of Iran Mohammadreza Farzin addressed a ceremony held to connect the two payment systems, stressing that integration of the two countries’ banking subsystems is a big stride towards creating integrated economic cooperation in the region, completing the de-dollarization process and facilitating economic and tourism relations between Tehran and Moscow.
He added that by connecting the national payment networks of the two countries, the borders of electronic payments will be removed and a new chapter will begin in the economic and cultural cooperation of the two nations.
“The project that we are witnessing its inauguration today, started with the aim of creating integration in the payment networks and facilitating financial transactions between the citizens of the two countries,” Farzin said.
He noted that the project is divided into three phases and in each phase, an important step is taken towards the realization of the final goal, adding, “The first phase of this project, which was put into operation at the end of September and will be unveiled today, provides the possibility of using bank cards of Iran, which are under Shetab network, in Russian ATMs for tourists. In this way, now Iranian tourists can easily receive ruble notes from Russian ATMs using the riyal balance of their Shetab cards.”
Farzin further emphasized that the next phases of this project will be unveiled soon with wider facilities and services.
Iran and Russia have been taking serious steps to boost their mutual trade over the past few years.
In April 2024, the Iranian Foreign Ministry announced that the project to use Mir cards had entered the implementation stage. In May 2022, Russian Deputy Prime Minister Alexander Novak said that the countries were discussing how to connect the Mir and Shetab payment systems.
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