Baku, Azerbaijan, May 17
By Fatih Karimov – Trend:
Iran and Russia started tests for integration of their bank payment systems, Iran's Central Bank (CBI) reported May 17.
Test transactions are underway and Iranian citizens will be able to use their bank cards in Russia, while Russian bank cards will also operate in Iran like local cards from August 2017.
At the first step holders of bank cards will be able to use ATMs of the both countries, but later usage of all payment systems of Iran and Russia will be available for the card holders.
The issue of linking Russia’s Mir payment system to Shetab - Iran's local payment system was discussed during the visit of CBI Chief Valiollah Seif to Moscow in March 2017.
Iran’s central bank plans to link the Iranian credit cards to the banking network of the neighboring countries. So far positive talks have been held with Azerbaijan, Pakistan and Iraq in this regard, according to the Iranian officials.
Last August Iran and Azerbaijan signed a memorandum of Understanding for cooperation in the banking sector. Under the terms of the MoU, the banking card systems of Iran and Azerbaijan will be switched therefore the citizens from the two countries can use their banking cards in Iran and Azerbaijan.
Iran has lost hope to connect to international credit card services, including MasterCard and Visa, despite the initial optimistic statements following the removal of international sanctions last year.
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