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India, Russia Agreed to Explore RuPay and Mir cards for Easy Payments

Published on May 06, 2023
Current Context: India and Russia have agreed to explore the possibility of accepting each other’s payment cards, RuPay (India) and Mir (Russia), for hassle-free payments between the two countries.
India, Russia Agreed to Explore RuPay and Mir cards for Easy Payments
  • This will facilitate transactions in Indian rupees and Russian rubles, making it easier for citizens of both countries to carry out cross-border payments.
  • They also agreed to explore the possibility of interaction between India’s Unified Payments Interface (UPI) and Russia’s Faster Payments System (FPS).
  • This is necessary to minimize the impact of sanctions imposed on Russia by the West.

Question:

Q.1 Which two payment cards are India and Russia exploring to accept in each other’s country?
a. Visa and Mastercard
b. RuPay and Mir
c. Paytm and Yandex
d. UPI and FPS
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