BRICS Unveils Long-Awaited Payment System At New Summit

Key Takeaways

• BRICS Business Forum officially debuted BRICS Pay.
• Attendees had a hands-on experience with the new payment system.
• The system can utilize digital currencies or stablecoins representing member states’ national currencies.

BRICS Pay, a highly anticipated global payment system, was officially launched  at the BRICS Business Forum in Moscow, marking a major step forward in the evolution of financial transactions among the bloc’s member nations.

Designed to transform how money moves across members’ borders, the payments platform looks to offer an autonomous and cost-efficient alternative to traditional international payment systems.

BRICS Unveils New Payment System

To showcase the system’s capabilities, BRICS Business Forum attendees were issued demo cards preloaded with 500 Rubles, which could be used at various locations within the World Trade Center.

The unveiling of BRICS Pay marks a significant milestone in the bloc’s quest for greater financial autonomy and de-dollarization.

By developing an independent payment system, BRICS nations aim to reduce their reliance on Western financial institutions and establish a more decentralized and solid global financial architecture.

“Full control over financial resources is necessary for countries to achieve true sovereignty. This pursuit is a shared goal among nations striving for independent policies and the well-being of their citizens,” the BRICS group said at the new payment system launch event.

To bring the BRICS Pay project to fruition, a coalition of technological, financial, legal, and consulting firms has established the BRICS Pay Consortium.

This consortium will operate as a decentralized autonomous organization (DAO) in compliance with the regulations of each member country.

How BRICS Pay Streamlines Cross-Border Transactions

BRICS Pay facilitates seamless transactions among the BRICS group member countries, including Brazil, Russia, India, China, and South Africa.

BRICS Pay utilizes blockchain technology and smart contracts to enable transparent and decentralized decision-making.

The platform can support digital currencies or stablecoins pegged to the national currencies of member states. This allows BRICS Pay to reduce its reliance on traditional systems and minimize transaction costs.

Critically, BRICS Pay ensures interoperability between various payment systems in member countries. Users can conduct cross-border transactions without the need for multiple intermediaries.

A key feature of the system is its adherence to each member country’s legal and regulatory frameworks.

This setup enables quick and low-cost transactions, which could boost trade and investment among BRICS nations.

In a hands-on demonstration at the summit, users could register for the BRICS Pay card using a QR code. Attendees then used the preloaded funds to purchase items such as drinks and souvenirs at the Business Forum.

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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