CIS develops a single payment system

Baku. 9 November. REPORT.AZ/ Single payment system to be used in Commonwealth of Independent States (CIS) is being developed.

Report informs referring to the Russian media, Russia’s national plastic cards system has agreed with Kazakhstan, Kirgizstan, Tajikistan and Armenia on development of single payment system similar to one operating in European Union countries.

Introduction of mutual payments with national currencies will be first step in this direction. Development of common technical and financial principles of payment systems in each member state is required.

The project requires elimination of borders and introduction of common payment system. Unification of ATM and POS systems, release of smart cards on technical basis of national plastic card systems and introduction of mutual payment principles with national currencies are main objectives of current stage.

First step has been taken by Russia and Armenia. The sides agreed on ‘Road Map’ envisaging completion of technical integration and introduction of ‘Mir’ and ArCa payment cards before mid-2017.