What's the MIR payment system and why it might be interesting for you

Diego Katzman

Diego Katzman
Published 07/04/2020 · 1 min read

MIR cards are a financial system created by the Central Bank of Russia in 2015. This system was designed to guarantee the country's financial stability and it is already associated with 160 banks.

Of course it is a young system… But it does not stop growing. Its more than 70 million cards are not a coincidence: the system designed by and for Russians aims to be the country's trusted payment method. It is intended to give autonomy and stability to its financial system and, for this reason, has an entire loyalty system behind rewarding its users with privileges and bonuses in purchase, and reduced emission costs.

You may be wondering how all this could benefit you, and we will explain it to you here. Did you know that Russia is the 3rd country in the world with the highest technological level of finance? According to a study by Ernst & Young, 42% of operations are carried out through digital media. Another factor that should not be overlooked by e-commerce websites that want to break to break into the international market: MIR is a tool that you cannot ignore if you are thinking about the global reach of your e-commerce website.

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Why add MIR to your ecommerce.

Did you know that the unavailability of a known payment method is one of the main reasons for not completing the electronic purchase process? MIR will be your trusted welcome to the Russian buyer and a tool to consolidate your brand’s visibility in this market. Although still unknown, it is an opportunity to differentiate your proposal from the competition, while opening up to a new market with immense possibilities.

Currently, adding the MIR system to the payment methods of commercial websites represents an advantage over other websites that do not offer it. However, the incorporation of increasingly international payment methods and the projection to a constantly changing global market gradually becomes a general rule of online commerce.

What today means an opportunity to get closer at the top of the market, tomorrow will be a crucial factor to be able to remain competitive. We cannot prevent the market from constantly changing: the secret lies in not to stop adapting.

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