Mircard Lifts Limits on Payments via Smartphone

The National Payment Card System (NSPK, operator of Mir cards) has certified the technology that allows its users to pay any amount in stores by placing the Mir card on the merchant’s smartphone.

The NSPK has developed security requirements for SoftPOS technology, which allows using a smartphone as a payment terminal.

The NSPK also introduced the requirement to confirm the withdrawal of money by entering the buyer’s pin code on the seller’s smartphone screen.

The innovation also allows the owners of retail outlets to save on equipment and enable online payment acceptance via a smartphone.

Store owners do not have to worry about terminal delivery since they can now accept payments five minutes after installing the application.

Visa has also certified a solution for accepting contactless payments via smartphones in Russia. The limitation of the amount of payment is set not by the payment system, but by the bank.