Due to the U.S. sanctions imposed in March 2013, Visa and MasterCard sharply terminated their services to certain organizations and individuals. American banks controlled by the United States Department of the Treasury had to take rigorous measures against Russia, which caused serious losses to national companies.
Consequently, our country was confronted with the challenge of creating its own national payment card system. The idea was rather simple, i.e. a processing server of such system would be located in the Russian Federation, thus, other countries would have no access to the domestic payment transaction information. This would protect transaction information, increase 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 possible time. Relevant amendments to Federal Law No. 161-FZ On the National Payment System dated 27 June 2011 were made to ensure the establishment of National Payment Card System.
- MIR Payment System launched MirAccept 2.0 cardholder online authentication and online transaction protection platform.
- A pilot project for integration of Russian and Armenian national payment systems completed.
- Russian Agricultural Bank issued the first Mir-UnionPay co-badged 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 accept MIR cards at its ATMs and POS-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).
- Gazprombank was the first to issue Mir-Maestro co-badged cards.
- Sberbank acceded to the MIR Payment System Regulations.
- A Memorandum of Understanding entered into by and between NSPK JSC and BanknetVN Vietnamese payment system.
- A training conference held for Russian credit institutions, dedicated vendors and processing centers.
- MIR Payment System Regulations and Fees presented to the heads of credit institutions in the Bank of Russia.
- MIR Payment System Regulations adopted by the Supervisory Board of National Payment Card System Joint Stock Company.