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Iran Could Join Russia’s Regional Payment Network
Iran Could Join Russia’s Regional Payment Network
Tuesday, July 17, 2018

Iran Could Join Russia’s Regional Payment Network

Russians believe that since bank cards in Iran are magnetic and enjoy lower security compared to smart cards of Russia, in case of any counterfeiting or fraud, Iran will have to bear the cost of any damages
Russia announced a change of strategy and is now following up on establishing a payment network that can cover all regional countries
Tuesday, July 17, 2018

Iran Could Join Russia’s Regional Payment Network

Russia is looking to establish a regional payment network in the foreseeable future and Iran can become a member if it meets the technical requirements, the chief executive of Informatics Services Corporation said.
On Monday, ISC chief Aboutaleb Najafi discussed the issue of integrating the payment systems of Iran and Russia, and the reasons behind the delay in the much-anticipated scheme for several months. In doing so, he spoke of a much larger plan that could benefit Iran by sidelining the US dollar and combating sanctions.
Iran first announced in mid-May 2017 that it has reached an agreement with Russia to integrate their bank card systems, which would facilitate payments and boost tourism. The plan was originally slated for August 2017, but suffered from several delays.
Referring to the scheme, Najafi said Iranian bank cards are magnetic, whereas the Russians employ smart cards with chips.

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