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Russia’s Mir banking cards could start being used in Cuba by the end of the year, Julio Antonio Garmendia Pena, the Cuban ambassador to Russia, said in an interview published in the Izvestia newspaper on Thursday.
“It’s expected that Mir could be used on the territory of Cuba by the end of the year,” he said.
According to the diplomat, Cuba and the Russian National Payment Card System have been working since last year to introduce the Mir payment system in the country.
“The first phase of the work, which aims to interconnect the payment systems of both countries, is nearing completion. At this stage, the focus was on the use of Mir cards at ATMs throughout the country,” he said.
The diplomat said that for Cuba this is another way to expand the banking and financial system to other markets.
“We see a huge potential in this, as it will greatly ease financial transactions between our countries and the stay of thousands of Russian guests on the island,” he said.
Currently, Mir cards are accepted in 10 foreign countries where they can be used to withdraw cash and pay for purchases. The countries are Turkey, Vietnam, Armenia, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, South Ossetia and Abkhazia.