Iran proposes BRICS payment system link

Iran has put forward a proposal to connect the national payment systems of BRICS countries, inspired by the integration of Russia’s Mir and Iran’s Shetab systems.

According to spokesperson Nasser Kanani from Iran’s Ministry of Foreign Affairs, discussions are ongoing to extend this model to BRICS nations, a move viewed positively by Russia.

Governors Mohammadreza Farzin of Iran’s Central Bank and Elvira Nabiullina of Russia’s Bank recently finalised the integration of Mir and Shetab during talks in St. Petersburg.

They also signed an agreement to facilitate liquidity in national currencies for commercial transactions. Iranians will soon access rubles from Shetab cards at Russian ATMs starting August 22, with plans for reciprocal card usage and cross-border payments in the pipeline.

Russia’s Mir card operates in 12 countries and is set to expand to Egypt, Mauritius, and Myanmar. Six other nations are exploring its adoption, marking a growing international interest in the payment system.

Attribution: TASS.