The second phase of connecting Iran’s Shetab banking system and Russia’s Mir payment network was unveiled in a ceremony attended by senior central bank officials from both countries.
The new scheme will allow Russian tourists and businesspeople to make purchases at retail poses in Iran using Mir Pay application.
The first phase of the project which became operational last year, made it possible for Iranian nationals to use their Iranian banking cards at automated teller machines (ATMs) in Russia.
The third and the last phase of the project which is expected to be launched by the end of the year, will enable the Iranian citizens to make purchases at Russian retail poses.
The move is taking place in line with boosting financial cooperation between the two neighboring countries.
Iran and Russia, both subject to illegal Western sanctions, have over the past years deepened their relations in various fields, including economy and trade.