In way of strengthening the economic aspect, India and Russia may start payment through RuPay and Mir cards soon.

India and Russia may explore the possibility of accepting RuPay and Mir cards in each other's countries. Actually, after the sanctions imposed by the West on Moscow, both countries are considering this to make the payments easier.
Recently, in the meeting of the High-Level Government Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), the acceptance of these cards has been discussed and agreed upon.
The acceptance of RuPay (India) and Mir cards (Russia) will enable Indian and Russian citizens to make hassle-free payments in Indian Rupee and Russian Ruble in their respective countries. Let us tell you, in the meeting chaired by External Affairs Minister S Jaishankar and Deputy Prime Minister of Russia Denis Manturov, it has been agreed to explore the possibility of interaction between UPI and the Faster Payments System (SBP) of the Bank of Russia.
In addition, it was also agreed to adopt the Russian Financial Messaging System (SFMS), the Service Bureau of Financial Messaging Systems (SPFS) of the Bank of Russia, for cross-border payments.
Let us tell you that at present, money is paid from India to abroad and from abroad to India through the SWIFT network. Recently, Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong launched cross-border connectivity between UPI and PayNow.
With the linkage of India's Unified Payments Interface (UPI) and Singapore's PayNow, people in both countries can now make fast and affordable digital transfers. With its help, Indian migrant labourers living in Singapore can send money from Singapore to India at a low cost.
The PayNow-UPI linkage is the world's first real-time payment system linkage to use scalable cloud-based infrastructure, which can handle future growth in traffic. Initially, the State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate outward remittances, while Axis Bank and DBS India will facilitate inward remittances.
UPI was launched in 2016, and since then has emerged as the most popular and preferred payment mode leading person-to-person and person-to-merchant transactions, accounting for 75 percent of total digital payments. The number of UPI transactions has increased from 0.45 crore in January 2017 to 804 crore in January 2023. The value of UPI transactions has increased from just Rs 1,700 crore to Rs 12.98 lakh crore during the same period.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating the retail payment and settlement system in India. It has created a strong payment and settlement infrastructure in the country.
It facilitates payments through retail payment products such as RuPay card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.