Own payment systems: economic protection or political move

Today payment systems became not just a financial instrument, but also a political shield. China, Russia, Iran and other countries are creating their own NPS, seeking independence and protection from external risks in the economy.

National payment systems: in search of financial independence and ulterior motives.

The events of this century resemble a delicately constructed game, where each player tries to hide the cards more tightly. The creation of national payment systems is not just an economic necessity, but a chess move to keep a hand on one's own finances and look at others with slight suspicion. It seems we have drama on stage and the players are ready for decisive action.

So, who are our main characters?

China with its UnionPay, trying to do without old friends from Visa and Mastercard; India with RuPay, as if gracefully hinting that you can enter the global market with your own rupee; Russia with “Mir”, confidently standing on its territory; Iran with the Shetab system, which does not particularly need the views of others, but friends among its neighbors will not interfere with it. And of course, Japan with its JCB is the old school in the world of independent finance, and Africa, which put forward its mobile giant M-Pesa.

UnionPay (China): Big brother guarding finances

When China created UnionPay in 2002, it was not a big deal. But Chinese acumen is an underrated thing. While the whole world was relying on familiar old friends, China was silently making its plans. Today UnionPay is not just a system, but a network covering more than 170 countries. How to get to 170 countries and remain unnoticed? China knows the answer, although it prefers to remain modest. The main currency is the yuan, but for everyone else there is the dollar, the euro, and anything else. Just in case.

RuPay (India): Great plans for small notes

When India launched RuPay in 2012, it did so with its notorious caution. In case tomorrow Visa suddenly decides not to let her into the game. Today, RuPay is making strong progress in the UAE, Saudi Arabia and Bhutan, as if kindly hinting: “Don’t worry, we have our own RuPay, we will be fine.” Dollars, dirhams – everything is ready to support business and tourism needs. The Indian rupee, of course, comes first, but RuPay will never give up on more universal currencies.

Mir (Russia): a local patriot in global political waters

The Russian “Mir” was born in 2014. Politely but firmly, she declared herself as a protection against possible unpleasant surprises. Russia knew what to expect. As a result, Mir today operates in Turkey, Vietnam, Belarus and… Iran. Things will go well with rubles, and when the time comes, with liras or dongs. Russia has deployed Mir where it feels safe. And she only has one look – confident and vigilant.

JCB (Japan): an old player with a new attitude

Japan realized that what works best was theirs back in 1961, but it is only in recent years that JCB has made a big push overseas. JCB now operates in 190 countries, from Europe to Asia, supporting yen, dollars, euros – whatever you need. Why did JCB go further when others had just started? Yes, because the ability to foresee has always been in the blood of the Japanese. As if knowing that independence in the financial world is a good thing, Japan chose to keep its own close at hand, maintaining an elegant detachment.

M-Pesa (Kenya): mobile knight of the African desert

M-Pesa, launched in 2007, showed that Africa could play its part too. This is not a bank, but the whole country in your pocket. M-Pesa works not only in Kenya, but also in Tanzania, South Africa and Ghana. A shilling would do for her, but if she had the chance, she would go further into more universal waters. For Africans, this system was a response to banking isolation, and now M-Pesa seems to wink at its neighbors, reminding them that there is always room for maneuver.

Shetab (Iran): the Gulf's quiet but indispensable ally

In 2002, Iran needed to hide from prying eyes and launched Shetab, creating a protective network for its banks. But Shetab doesn't sit at home. In 2024, Iran linked Shetab with the Russian Mir, and now the cards work in both Russia and Iran. This partnership (we covered it in a recent article was met with silent understanding – after all, friends should have access to each other. Shetab also cooperates with the United Arab Emirates, Qatar and Oman, making the system convenient for the business community in the Persian Gulf. Dirhams, Qatari and Omani rials immediately replenished the available currencies, because Shetab is not only about local affairs, but also about common neighbors.

Why is there a boom in NPCs?

Each of these countries has learned a lesson from geopolitical chess. Just get distracted for a moment and look, your king is at gunpoint. This century has made it clear: money is not only a medium of exchange, but also an instrument of influence. If you are under pressure, create your own, be confident in your finances. The risks are obvious, so the new fashion for payment systems is more than just a fashion. This is armor, this is a shield. In case old friends suddenly forgot what trust is.

Europe still looks to US SWIFT, Visa and Mastercard when it comes to other currencies and global transactions.

SEPA and EPI: the European approach to financial independence – cautious and collective

Europe, as often happens, approached the issue with pragmatism and caution. The Single Euro Payments Area, or SEPA, launched in 2008, was created with one goal – to simplify banking in euros for all EU countries and their immediate neighbors. SEPA is a useful system, but limited: the euro within Europe, and no other currencies. Everything that goes beyond this framework immediately falls into the zone of influence of old acquaintances – SWIFT, Visa and Mastercard, large American players, on whom dependence continues to this day. As they say, no one among the strangers has appeared here yet.

In recent years an idea was born European Payments Initiative (EPI) – a new card for domestic and online payments that will finally avoid the participation of American systems. For now these are more plans and ambitions, but for Europe even such steps are a serious request.

So much for the European approach: collective defense, but with an eye on neighbors. SEPA covers 36 countries, from Iceland to Liechtenstein, and everywhere – only euros. Yes, this ensures stability within the Union, but every European bank still knows: do you want to send something overseas? Welcome to Visa and Mastercard, where the dollar is a different story and control is in completely different hands.

National payment systems have become not just a convenience, but a symbol of independence and confidence in the future. Each country has made its system more than just a transaction mechanism. This is a new facet of the financial world, in which everyone who wants to be the master holds on to theirs without letting go.

Author's opinion: interesting thing. Those who until recently were “vassals” of international payment systems suddenly took on the mantle of sovereigns. China with UnionPay, India with RuPay, Russia with Mir, Iran with Shetab – they all seem to be saying: “Now we are our own masters.”

And Europe, previously proud of its independence, found itself dependent on old friends overseas. SEPA only maintains calm in the euro area, and SWIFT, Visa and Mastercard are still responsible for global transactions. Watching all this, one thing can be said: the scene has changed, and the roles seem to have been reversed.

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