India and Russia share a long history of economic, political, cultural, and commercial relations with each other. For instance, Russia is a long-standing partner of India in nuclear energy or various high-technology space projects, bilateral trade policies, science and technology collaborations, and strong traditions of cultural cooperation between the two countries. Moreover, Russia has well-established medical universities approved by the National Medical Commission (erstwhile Medical Council of India) where thousands of Indian students are pursuing MBBS studies in English.
Now, Russia and India are in talks to accept their financial payment systems to make the payment procedures seamless in the future. The mutual acceptance of RuPAy (India) and Mir Cards (Russia) will help Indian and Russian citizens to make hassle-free payments in Indian Rupees and Russian Ruble in their respective countries.
What is a RuPay Card?
RuPay is an exclusive and novel international card payment network in India, widely accepted at ATMs, e-commerce websites, and POS devices nationwide. The name RuPay is derived from two words – “Rupee” and “Payments” and India’s very own initiative for card payments. It is an extremely secure network protecting its holders against anti-phishing.
The advantages of using RuPay cards by Indian MBBS students in Russia will be multifarious, such as:
- Global acceptance
- Instant payment transactions
- Attractive offers and discounts on various products
- Cashback offers on online payments
- Affordable transaction charges
- Protection of consumer information
- Holders are eligible for accidental death and permanent disability insurance cover.
Currently, RuPay cards are issued by 1100+ banks including private sector banks, public sector banks, and regional rural and co-operative banks. Furthermore, RuPay is associated with 600+ international, regional and local banks nationwide.
What is a MIR Card?
MIR is a national payment card in Russia sponsored by the government of the Russian Federation. Established in 2014, the National Card Payment System (NSPK) created technological infrastructure and commercial agreements to begin ATM and POS acceptance for MIR. The MIR cards are already accepted at over 85% of POS terminals in the country and also in neighboring countries. One of the major aims of MIR cards is to ensure safe money transfers and keep national payments stable during the country’s economic recessions and political situations.
With over 70 million MIR cards issued, the Russian payment system is now a big rival of Mastercard, Visa, and other credit card networks.
A Quick Synopsis: India & Russia May Accept RuPay, Mir Payment Systems
According to the latest news, India and Russia have discussed the mutual acceptance of RuPay and MIR cards in both countries to build a financial infrastructure that is unaffected by western sanctions on Russia by other countries. Both nations are working together to bring together the Unified Payments Interface (UPI) of the National Payment Corporation of India and the Faster Payments System (FPS) of the Bank of Russia.
In March 2022, MasterCard and Visa exited the Russian market after the United States and other international countries stiffened sanctions on Russia after it intervened in Ukraine. This made it challenging for Indian and Russian visitors to make payments or withdraw money from the ATMs. The initiative will help visitors from India to Russia and vice versa to make seamless transactions using the cards.
The same was discussed during the recent engagements between the two countries, including during the visit of Ajit Doval, National Security Advisor, to Moscow on 17 and 18 August.
How Does This Help Indian Students Studying MBBS in Russia?
As Indian students constitute a major portion of the number of international students studying MBBS in Russia, the above-mentioned initiative by the Indian and Russian governments will undoubtedly be good news for them.
The advantages of this mutual acceptance of financial systems for Indian MBBS students in Russia are:
- Easy online payments for MBBS admission in Russia.
- No need to open bank accounts in Russia.
- Seamless card payments anywhere in Russia through RuPay cards.
- No financial constraints for Indian MBBS students in Russia.
- No need for forex exchange before leaving India for Russia.
- Easy money transfer from India to Russia.
- No need to worry about the fluctuations in the forex exchange rate.
If everything goes as planned by both governments, Indian students studying MBBS in Russia have the financial freedom to manage their monetary resources well and there will be less dependency on the limited Russian currency.
The Closing Words
The creation of a congenial financial system by implementing the acceptance of RuPay and MIR cards in Russia and India will be good news for the citizens of both countries. Such an initiative will be another step toward the positive manifestation of the strong relations between Russia and India. Where the major western countries have issued a sanction against Russia, India’s support is a big relief for it.
As a considerable majority of Indian students are studying MBBS in top medical universities of India, the mutual acceptance will be a sigh of relief for them. With this news breaking out on the internet, they must be keeping their fingers crossed and hoping for its quick implementation in the future.
