Which payment system is better

Why the MIR payment system appeared

In 2014, following the imposition of sanctions by the USA, Russia found itself vulnerable. Since we did not have our own payment system at that time, and American Visa and MasterCard serviced our banks, many account holders (including large enterprises) faced having their accounts blocked, which jeopardized the financial system of the entire state. For this reason, it was decided to create our own system that would guarantee Russia's independence from financial institutions of other countries. Thus, in July 2014, the National System of Payment Cards Joint-Stock Company began its operations. Shortly thereafter, the MIR payment system appeared.

In December 2015, NSPK JSC decided to issue MIR bank cards. Initially, only 7 banks became issuers:

1. Gazprombank.
2. MDM Bank.
3. Moscow Industrial Bank.
4. Russian National Commercial Bank.
5. Bank Rossiya.
6. SMP Bank.
7. Svyaz-Bank.

Already now (based on 2017 results), 120 banks issue MIR cards, and 357 service them. This popularity can be linked to the card implementation program: starting in 2017, all public sector employees began receiving their salaries exclusively on cards of our payment system, and in 2020, the innovations also affected all pensioners in the country — now they can receive their pensions only on MIR cards. Now it has been decided to transfer all subsidy recipients to this payment system as well.

Pros and cons of the MIR payment system in 2022

So, let's talk about the pros and cons of MIR cards. Let's start with the advantages:

• the system is completely autonomous, meaning cardholders can manage their money regardless of the foreign policy situation;
• in most banks, the annual maintenance of a MIR card is free;
• you can pay with the card and withdraw cash at any device and ATM;
• contactless payment via the Mir Pay system became available in 2019;
• you can deposit cash into your account at ATMs of any Russian bank without paying a fee.

Now about the disadvantages:

• due to US sanctions, the Mir card cannot be linked to PayPal and WebMoney;
• cardholders cannot pay for purchases in the Amazon and Ebay online stores (such restrictions do not apply to AliExpress);
• the card can only be used in a small number of countries, but this restriction can be bypassed by issuing a card that operates on two payment systems: Mir-Maestro, Mir-JCB, or Mir-UnionPay.

 

Note.

In addition to Russia, you can use the card for cash withdrawals and non-cash payments in the following countries: Abkhazia, South Ossetia, Armenia, Kyrgyzstan, and Vietnam. In Belarus, Kazakhstan, Turkey, and Uzbekistan, the card can be used, but only in certain banks. Non-cash payments can also be made in the UAE.

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A little about Visa and MasterCard payment systems

Both payment systems — Visa and MasterCard — are American. The first brand came into existence back in 1976, and the second in 1979. Today, both payment systems are popular and widely used. Thus, they serve more than 200 countries and over 200 credit institutions. Therefore, you can pay with Visa and MasterCard almost anywhere in the world.

In fact, the difference between these systems is not significant for Russians. Their main difference is the currency. It is believed that the settlement currency for Visa is the US dollar, and for MasterCard it is the euro, so it is more profitable to pay with the first cards in America and the second in Europe. In reality, MasterCard can be issued in both US dollars and euros. But this does not play a fundamental role for those Russians who rarely travel abroad and do not depend on currency conversion.

Pros and cons of Visa and MasterCard

Let's start with the advantages of the payment systems:

• both payment systems have a much wider country coverage compared to our Mir system;
• settlement currencies are freely convertible, which allows for free currency transactions.

Cons:

• due to sanctions, the use of MasterCard and Visa in Crimea is limited, so you will not be able to use the cards there;
• since 2017, all budget payments (pensions, allowances, salaries for public sector employees) are made only to Mir cards.

What are the differences between modern payment systems Visa, MasterCard, and MIR

For clarity and greater convenience, let's present the differences between the three payment systems in a comparison table.

 

Criteria	Visa	MasterCard	MIR
Main currency	Dollar	Euro or dollar at the bank's discretion	Russian ruble
Contactless payment system	PayWave	PayPass	Mir Pay
Ability to pay using Google Pay and Apple Pay electronic payment systems	Yes	Yes	No
Ability to use the card in other countries	Yes	Yes	Yes, but in a very limited territory

How to choose a payment system

When choosing a payment system, focus primarily on the country where you will be using your bank card: if you do not plan to leave Russia, there is no difference between Visa, MasterCard, and Mir for you, and you can choose any of them. If you are going to travel around America, we recommend choosing Visa, and if around Europe — MasterCard (this way you can avoid double conversion).