Russia launches new prototype national payment card

Russian officials have unveiled a new prototype national payment card called Mir (World) for the country's new internal payment system.

Russia launches new prototype national payment card

The government intends to start mass production of the payment cards next year, reported asia.rbth.com, citing Russian business daily Kommersant.

Last week, Central Bank deputy head Olga Skorobogatova said that MasterCard and Japan-based JCB have shown interest in issuing these co-branded cards with the new system.

Skorobogatova added that the new card will see the payment systems of the BRICS countries as future partners.

The move follows the launch of an autonomous payment system in Russia last week in response to US sanctions, which in 2014 banned the MasterCard and Visa payment systems from serving their clients in Russia.

Visa and MasterCard have recently started processing all their transactions in Russia through a newly created local payment system.