India and Russia in Talks to Integrate RuPay and MIR Payment Systems

 


India and Russia are actively negotiating the mutual acceptance of their domestic payment systems, RuPay and MIR, to facilitate seamless financial transactions between the two nations. This move aims to enhance trade, tourism, and financial cooperation by reducing dependence on Western financial networks like SWIFT.

RuPay, developed by India's National Payments Corporation (NPCI), and MIR, Russia’s national payment system, are widely used in their respective countries. The integration of these systems would enable Indian and Russian citizens to make payments conveniently while traveling or conducting business.

These discussions align with broader efforts to promote trade in local currencies, strengthening economic ties amid Western sanctions on Russia. If successful, this collaboration could set a precedent for other countries exploring alternatives to global financial networks dominated by Western institutions.

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