India and Russia to Explore Acceptance of RuPay and Mir Payment Cards for Cross-Border Transactions – India and Russia are going to explore the possibility of accepting RuPay and Mir cards in each other’s country for hassle-free payments amid sanctions imposed by the West on Moscow. The mutual acceptance of RuPay (India) and Mir cards (Russia) play a role in helping Indian and Russian citizens to make hassle-free payments in Indian rupees and Russian rubles in their respective countries.
- External Affairs Minister of India S Jaishankar and Russia’s Deputy Prime Minister Denis Manturov headed the latest meeting of the Internal Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC).
UPI and PayNow.
- Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong started the cross-border connectivity between UPI and PayNow, aimed at allowing citizens in the two countries to undertake faster and more cost-efficient digital transfers.
UPI transactions
- In 2016, The UPI was launched and has become the most popular and preferred payment mode pioneering person-to-person and person-to-merchant transactions.
- The volume of UPI transactions climbed manifold from 0.45 crore in January 2017 to 804 crore in January 2023.
- The value of UPI transactions also raised from just ₹1,700 crores to ₹12.98 lakh crore during the same period.
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