UzCard can be used in infrastructure of payment systems of EEU countries

Business Materials 1 April 2019 15:48 (UTC +04:00)

Baku, Azerbaijan, April 1

By Fakhri Vakilov - Trend:

Uzbek payment system card UzCard can be used in the infrastructure of other payment systems of the EEU countries with which Russian “Mir” payment system has an interaction, the Russian National Payment Card System told Trend in an interview.

The company noted that the implementation of this project will be interesting and beneficial to both payment systems.

"First of all, it will be convenient for holders of national cards who will have the opportunity to use their card in the network of partner devices. Thus, the “Mir” card holders will be able to withdraw cash and pay for purchases at ATMs and terminals of banks that are members of the national payment system of Uzbekistan.

In addition, the UzCard payment system in cooperation with "Mir" can, for example, issue cards with the Mir payment application, as well as use other technologies, developments and business solutions of the Mir payment system.

UzCard payment system cards will also be accepted in the infrastructure of Russian banks which is part of the project for the integration of two payment systems.

The company also stated that as there is a large flow of remittances between the Russian Federation and Uzbekistan, the company is considering the possibility of making transfers from card to card. NPCS is ready to develop any other projects using the technologies of the Mir payment system. It will also depend on the willingness of partners to introduce various technologies, and in addition, on the readiness of the country's payment infrastructure for the implementation of a project.

The “Mir” payment system started operating in Russia at the end of 2015. Currently, 314 Russian banks, including the largest ones, work with it. More than 160 banks have already started issuing cards; over 56 million "Mir" cards have been issued.

NPCS stressed that "Mir" payment system is also working on entering international markets. One of the priorities is to ensure the acceptance of “Mir” cards in the countries of the EEU and other countries with which Russia has close historical and cultural ties, as well as cooperation in various sectors of the economy. Since 2017, the company, together with its partners - payment systems of the EEU countries, is implementing a project to create a single retail payment space. The interaction with the payment systems of Kyrgyzstan, Tajikistan, Armenia, Belarus and other states is ongoing.

Earlier it was reported that the Russian payment system Mir and UzCard signed an agreement on cooperation. The agreement provides for the organization of the acceptance of World cards in the infrastructure of banks that are members of the UzCard payment system by the end of 2019.


Follow author on Twitter: @vakilovfaxri