RuPay Card: Good news for everyone. RuPay Card in Russia: Russian President Vladimir Putin is on a two-day visit to India. During his visit, several important agreements will be signed between India and Russia. Furthermore, discussions will also be held between the two countries on the launch of a digital payment system. If this happens, citizens of both countries will be able to easily use Russia’s Fast Payment System (SBP) and India’s United Payment Interface (UPI).
Let us tell you that India and Russia are already discussing the use of RuPay cards in Russia. If Vladimir Putin approves this agreement, Indians will be able to use Indian RuPay cards in Russia, and those traveling to India from Russia will be able to use their Mir card in India. What will be the charge for this? How will this card work? Let us tell you all the details.
How will Rupay be used in Russia and Russia’s Mir in India?
Currently, Western countries have imposed restrictions on SWIFT and international card networks for Russia. Consequently, most people traveling from Russia to India use cash as payment. Similarly, MasterCard and Visa cards belonging to travelers from India to Russia are not accepted there.
However, since RuPay cards are Indian and Mir cards are Russian, citizens of both countries can use them to make payments anywhere. Russia’s SBP, or Faster Payments System, will be used for this purpose. This is similar to how UPI works in India.
Will you have to pay any charge?
When you use your country’s card abroad, you’ll incur a fee called a foreign transaction fee, which typically ranges from 1% to 3% per transaction, especially if you withdraw money from an ATM abroad. You may have to pay additional charges for this. If you use an Indian RuPay card in Russia, you may also incur these charges there. Similarly, Russians will be able to use the Mir card in India. However, whether there will be any additional charges will be known only when an official announcement is made.
