Brasilia, MINA – The BRICS alliance officially launched its global payment system, BRICS Pay, this August as a strategic step to reduce reliance on the U.S. dollar in international trade.
The bloc, now consisting of Brazil, Russia, India, China, South Africa, along with new members Egypt, the United Arab Emirates, Ethiopia, Iran, and Indonesia, introduced the platform during the BRICS Summit in Kazan, Russia.
Inspired by Brazil’s Pix system and built on blockchain technology, BRICS Pay is designed to enable faster, more secure, and low-cost cross-border transactions. The platform connects central banks and financial institutions across member countries.
The initiative is seen as a response to Western economic sanctions and part of BRICS’ efforts to strengthen financial autonomy. Brazil, leveraging its successful experience with Pix, played a key role in developing the system, which is projected to handle billions of dollars in annual transactions by 2030.
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Currently in a trial phase led by China and Russia, BRICS Pay seeks to integrate existing instant payment networks, such as Pix in Brazil, SBP in Russia, and UPI in India.
Through BRICS Pay, businesses and governments can conduct transactions in local currencies, such as the real, yuan, and rupee without conversion into U.S. dollars. This is expected to lower transaction costs, speed up trade processes, and boost the export competitiveness of member states.[]
Mi’raj News Agency (MINA)
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