In connection with the imposition of US sanctions in March 2013 Visa and MasterCard sharply terminated their services to certain organizations and individuals. American banks under the United States Department of the Treasury control had to take rigorous measures against Russia, which caused serious losses to the national companies.
Consequently, our country was confronted with a challenge of creating its own national card payment system (NSPK). The idea was rather simple, i.e. the processing server of such a system would be located on the territory of the Russian Federation, thus, other countries would not have access to the domestic payment transaction information. This would protect transaction information, heighten the level of the national currency’s credibility and, as a consequence, would make our state stronger and more independent.
In this connection, the President of the Russian Federation set a task to create the national payment system in the shortest time possible. Relevant amendments to Federal Law No. 161-FZ “On the National Payment System” of 27 June 2011 were made to provide for the establishment of the National Card Payment System.
- The Mir payment system launched MirAccept 2.0 cardholder online authentication and online transaction protection platform.
- Pilot project of integration of Russian and Armenian national payment systems completed.
- Rosselkozbank issued first Mir-UnionPay cobadged cards.
- Yandex.Kassa connected Mir cards to AliExpress.
- The RSA Financial Statements for 2016 published. NSPK’s net profit in 2016 amounted to 2.6 billion rubles.
- Over 3 million cards issued.
- Sberbank started to service Mir cards in its ATMs and Point-of-Sale Terminals.
- Many major Merchants in all market segments accept Mir cards.
- NSPK certified for compliance with the Payment Card Industry Data Security Standard/PCI DSS 3.1
- Sberbank acceded to Mir Payment System’s Regulations.
- The Bank of Russia and NSPK announced the start of Mir card issuing.
- A Memorandum of Understanding signed between NSPK and BanknetVN Vietnamese payment system.
- A training conference held for Russian credit organizations, specialized vendors and processing centres.
- Presentation of Mir Regulations and Fees to the management of credit organizations in the Bank of Russia.
- Mir Payment System’s Regulations Adopted by the Supervisory Board of National Card Payment System Joint-Stock Company.