BRICS OFFICIALLY INTRODUCED THE NEW PAYMENT SYSTEM “BRICS PAY” CARD‼️
BRICS took an important step towards independence from global financial networks by introducing the demo card of BRICS Pay, an independent payment system. BRICS Pay aims to accelerate cross-border payments made in local currencies between member countries and uses a blockchain-based infrastructure. This system aims to offer an alternative to existing systems such as SWIFT, while aiming to reduce dependence on the US dollar in particular.
The new system is planned to be integrated with existing payment systems such as Russia’s “SPFS” messaging network and India’s “UPI”. BRICS Pay promises to eliminate credit risk with distributed ledger technology (DLT) and shorten transaction times, saving approximately $15 billion annually. It is also anticipated that this platform will facilitate trade in goods and services among member countries, creating broader economic cooperation. This step is also considered as part of the BRICS countries' efforts to reduce their dependence on the US dollar.
As a result, the development of BRICS Pay has the potential to change global financial balances, and in the long term, this system is expected to provide an alternative to the dominance of the US dollar.
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References
1. BRICS Pay: Wikipedia, Accessed: October 18, 2024, https://en.wikipedia.org/wiki/BRICS_PAY
2. Stars and Stripes: Russia’s BRICS Payment System, Accessed: October 18, 2024, https://www.stripes.com
3. CCN: BRICS Pay Explained, Accessed: October 18, 2024, https://www.ccn.com
