Iran, Russia to integrate bank card systems

Iran, Russia to integrate bank card systems
Mon Dec 25, 2017 13:48:58

Iranian director of the payment system department of the central bank said that Iran and Russia are carrying out negotiations to link bank card systems.

(MNA) -- Director of the Payment System department of the Central Bank of Iran Davood Mohammad Beigi said “at present Iran has the closest ties with Russia in the field of international credit cards and good measures have been taken in technical terms.”

He asserted that tests are being run in this regard and added “in recent months, tests have been carried out less regularly due to some legal problems. In order for any relations to be established, the two countries and their respective central banks need to reach agreements.”

Mohammad Beigi said that security and commercial standards are important issues in international relations and added “despite our developments in the area of electronic banking, we have had limited relations with the international community which is why our banks are not sufficiently prepared to start activities in this regard.”

Mohammad Beigi said in answering the question whether the cards will be currency cards or not “they will be normal debit cards which can be used by the customer abroad. With respect to the rate agreed upon between the customer and the bank, the bank pays the amount in a foreign currency and will withdraw the equal amount in Rial from the person’s bank account.”

Director of the Payment System department of the Central Bank of Iran said “we follow the same model in our relation with Russia. The difference, however, is that our cooperation will be over magnetic cards and not smart cards.”

(Image: financialtribune)

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