Russia Votes on New Name of National Payment Card

The new cards called “Mir,” which translates to “the world” and “peace,” will be released in the coming months.

The official name was selected through an online poll. Businesses and individuals took part in the design process, which includes a globe on top of a small wing. A resilient bird was a reoccurring theme in the pool of submissions.

Vladimir Komlev, head of the National Payment Card System (NPCS), mentioned that the government hopes to roll out over 50 percent of the plastic cards to local citizens by 2018. The new payments card will be equipped to handle both domestic and international transactions.

“We plan that the national payment card will work in co-branding with four payment systems - Chinese UnionPay, Japan’s JCB and with international payment cards Visa and MasterCard,” said Central Bank Deputy Chairman Olga Skorobogatova.

Russia’s President Vladimir Putin was forced to prioritize the development of the NPCS after US sanctions in 2014 restricted Visa and MasterCard services from local banks and payments centers.

Such penalties were related to the country’s direct involvement in the Ukraine crisis. The restrictions do not affect the organizations’ activities and operations in the area.

Before the sanctions, both financial companies had a strong presence in Russia. Visa exerted a dominating 60 percent market share, while MasterCard held 35 percent.

In a move to regain its foothold in the region, both businesses took part in an agreement with the NPCS earlier this year. The collaboration allowed the parties to once again process domestic payments and work closely with local clearing centers.

“With MasterCard the project is completed, all the banks are signed up. With Visa there is a fully fledged project, which has been agreed. Signing up and certifying the banks is under way,” confirmed Komlev.