Hey there, young reader! Are you ready for a fun and exciting story about India and Russia? Well, hold on tight, because we are about to embark on an adventure that involves payments, money, and cool cards!

So, did you know that people in India use something called RuPay to pay for things they buy? And guess what, people in Russia use a card called Mir to pay for their stuff too!

But here’s the catch – they can’t use these cards in each other’s countries. Well, guess what? India and Russia are now exploring the possibility of accepting each other’s cards, so Indian people can use RuPay in Russia, and Russian people can use Mir in India. How cool is that?

Important Details

• The two countries had a big meeting to discuss this idea. They talked about how it will make it easier for people to make payments without any hassle. And they also agreed to look at using other cool payment systems like the Unified Payments Interface (UPI) of National Payment Corporation of India and the Faster Payments System (FPS) of the Bank of Russia. Woah, that’s a lot of cool tech talk, huh?
• Currently, when people in India want to make payments to people in other countries, they use something called the SWIFT network. But when there are sanctions imposed, it becomes difficult to use that network.
• That’s why they want to explore other options like using the Russian financial messaging system, Services Bureau of Financial Messaging System of the Bank of Russia, for cross border payments.
• And that’s not all, my young friend! India has also recently teamed up with Singapore to allow people to make faster and more cost-efficient digital transfers between the two countries. Isn’t that amazing?
• The two countries have linked their payment systems, so people can transfer money easily and quickly. The Indian diaspora in Singapore, especially migrant workers and students, will benefit greatly from this new system.
• So, there you have it! India and Russia are exploring new and exciting ways to make payments easier and more efficient. Who knew payments could be so fun and exciting?