BHAN85
Trusted Member
I think EU system wont never be extended, because EU take USA orders.Yes, exactly. The Europeans have the required reputation to create their own system for the EU countries at least, but I doubt it would extend to non-EU countries anytime soon. The BRICS has tried to create such an interbank system but it hasn't happened yet, due to lack of political will as you said.
Yes, if I'm not mistaken, Iran tried to integrate with UnionPay as well, but China wasn't interested, probably because of the US sanctions. But Iranian ATMs accept Russian MIR cards now. Iran's SHETAB cards are now accepted in Russian ATMs as well. I think Iran is also in talks with Belarus to do the same.
Iran has multiple payment systems. For ATMs, it's called SHETAB, which is an acronym but it is also the literal word for 'acceleration' in Persian. It is the fastest payment method in Iran and transactions are processed immediately and it works 24/7. All debit cards issued by banks in Iran are connected to SHETAB by default.
We have other systems for larger amounts of money called PAYA and SATNA. Their transactions are processed in prescheduled intervals. There is also another payment system called POL, which is like SHETAB but it's used for larger amounts of money and only some Iranian banks support it.
These are the major level-0 systems in Iran, but several payment gateways offer different functionalities based on these systems, which are indirectly controlled by the Central Bank of Iran. The payment gateways have their own APIs for other websites. Sort of like Stripe.
In one decade maybe whole world will be using Chinese payment systems.
China is shy and subtle.
e-CNY app (electronic renminbi) seems to was available outside China when they launched 2 years ago, but currently it's only available to use in China in "Pilot mode". They are doing tests, tries. They must know very well how bad USA can take that. But definitely they are moving in that direction.
Here in Spain you can see UnionPay cards accepted in a lot of stores/atm, more than 90% supported, and almost nobody knows what is UnionPay, because Spanish banks dont give UnionPay cards, it's only for the 300k people of Chinese diaspora in Spain.
Interesting to know Russia/Iran have reciprocal agreements about MIR and Shetab. But just three countries couldn't change the world. I dont think it would be possible in BRICS neither. But China will change the world, someday.





