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Russia and China mull integrating national payment systems

Russia's prime minister noted the possibility of issuing cards under two brands — Mir and UnionPay

BEIJING, November 1. /TASS/. Russia and China discuss integration of Russia’s Mir payment system and China’s payment system, Russian Prime Minister Dmitry Medvedev told reporters.

"At the moment, issues of somehow linking the Mir card with Chinese payment instruments on the basis of the so-called co-badged cards are being discussed," Medvedev said.

He said it was possible to issue cards under two brands - Russia’s Mir and China’s UnionPay.

"It will allow to use cards in transactions in Russia and on the territory of other countries. I view those prospects as very promising and they will allow to avoid the problems that sometimes emerge with the use of US payment systems," the Russian premier said.

"I believe that the more financial instruments the modern world has, the more stable the international financial system is," he said.