Mir Pay will be available on all smartphones in Russia

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

Inclusion of the Russian payment system in the list of applications required 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, the Mir Pay payment platform 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 pre-install Mir Pay on devices running under iOS 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 in Russia for the first 11 months of 2019, 11.7 million smartphones working with contactless payment systems Mir Pay, Apple Pay, Google Pay and Samsung Pay were sold. Transactions using Mir cards have increased since 2017 from 3 to 19%.

Source: IZ

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