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September 11, 2017

Russia’s Sberbank issues MIR-branded cards to ditch Visa and Mastercard

Russian lender Sberbank has issued 10 million MIR-branded cards as part of the country’s NSPK national payment system.

The latest move is being seen as one step forward to country’s strategy to replace rivals such as Visa and Mastercard with domestic MIR payment system which was launched in 2015.

Russia established the MIR payment system after some banks complained that they were unable to use Visa and Mastercard-branded card due to US sanctions.

Sberbank allows its clients to pay using their MIR-branded cards through the bank’s entire payment infrastructure, covering nearly 1.2 million POS terminals available at 800 retail and service points across Russia.

The MIR-branded cards can also be used for shopping at over 24,000 online stores.

Additionally, Sberbank’s MIR cards can be used to access all the services provided by the bank’s 77,000 self-service devices and at more than 14,000 branches. Card members can also access Sberbank Online – both web and mobile app versions – and the Mobile Bank.

The Russian lender said that online payments using MIR cards will be carried out using the MirAccept security technology, which involves authentication of a transaction by an OTP sent to the customer’s mobile.

Sberbank has also integrated MirAccept to its online acquiring system, which enables holders of MIR cards issued by any bank to transact secure payments in online stores that tap Sberbank’s payment facility.

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