Mir Pay will be available on all smartphones in Russia

Russian regulator from the FederalAntimonopoly Service (FAS), realizing the decision to preinstall domestic software in all smartphones sold in the country, plans to oblige sellers of mobile devices to install the Mir Pay contactless payment application.

Inclusion of the Russian payment system in the listMandatory applications for preinstallation implements the norms of the law adopted in December 2019 and coming into force on July 1, 2020. This decision will help the further development of the domestic payment system Mir Pay and will ensure the expansion of the client base by several tens of millions of people.

Currently payment platform Mir PayIt works with 40 banks, and the client network is developing for 600 people per day. The most popular with customers of the payment network are settlements in retail chains and catering establishments. Mir Pay's direct competitors are Apple Pay, Google Pay and Samsung Pay, which are much more popular in Russia.

According to experts, the decision to preinstallMir Pay for iOS devices can significantly increase the popularity of the platform and increase the customer base. Using the domestic Mir Pay system provides Russians with protection against possible blocking of foreign services for citizens of the Russian Federation, however, installing the application on smartphones is not a requirement of its mandatory use.

Currently, statistics claim that inIn the first 11 months of 2019, Russia sold 11.7 million smartphones working with the contactless payment systems Mir Pay, Apple Pay, Google Pay and Samsung Pay. Transactions using Mir cards have increased since 2017 from 3 to 19%.

Source: IZ