BRICS Pay – a Revolution for Global Digital Payments and become less dependent on the united states dollar for international transactions between the BRICS Countries
Table of Contents
A Decentralized, Multi-Currency Payment System for the World
- For all nations
- For every form of currency
- For the entire global community
- Welcoming innovation and progress
About BRICS Pay
BRICS Pay is a trailblazing collaboration among the BRICS nations—Brazil, Russia, India, China, and South Africa—initiated in 2018 under the BRICS Business Council.
This joint project focuses on building a secure, efficient digital payments platform for seamless cross-border transactions.
The development team comprises industry experts from each of the five countries, bringing together deep knowledge in finance, banking, and technology.
This team works tirelessly on platform enhancement, maintaining governmental and partner relationships, and ensuring top-notch customer service.
Designed for the BRICS nations, BRICS Pay facilitates secure, instant payments across borders using local currencies. It significantly reduces the cost and complexity of international transactions, providing businesses and consumers alike with a trusted solution for paying for goods and services globally.
BRICS in Numbers
- 3 billion people
- 42% of the world’s population
- 40 million square kilometres
- 30% of the global land area of the world
- 24 trillion USD
- 26% of the world’s GDP
- 3 trillion USD exports and imports of the world
- 20% of global trade (exports and imports)
BRICS Pay Core Principles and Advantages
BRICS Pay leverages both traditional payment frameworks and cutting-edge technologies like central bank digital currencies (CBDCs), decentralized finance (DeFi), and tokenized assets. This platform extends payment capabilities for participating countries, allowing individuals and businesses worldwide to benefit from emerging payment solutions.
- Decentralization: Financial flows are spread across multiple participants, reducing the risks of centralized system failures while promoting transparency and stability.
- Interoperability: Through open APIs, BRICS Pay allows seamless access to funds across various systems, ensuring faster, more secure transactions.
- Fairness: All financial participants enjoy equal rights, preventing any party from gaining an unfair advantage.
- Inclusivity: Accessible to everyone, regardless of financial background, income, or location, BRICS Pay empowers businesses and individuals alike.
- Accountability: Every participant is held responsible for their financial decisions and actions, ensuring trust and reliability.
- Efficiency: Low transaction costs and lightning-fast processing times are key features of the platform.
- Security: Enhanced security features protect financial data and transactions from fraud and cyber threats.
- Transparency: Clear, publicly communicated regulations help establish trust among all participants.
- Sustainability: BRICS Pay fosters long-term economic growth, removing unnecessary barriers to global financial development.
How BRICS Pay Transforms Retail
BRICS Pay is guided by the financial working groups from the BRICS Business Council, involving leaders from Brazil, Russia, India, China, and South Africa. The initiative is open to new participants, whether you’re from one of the member countries or another nation. Interested parties can connect with their country’s BRICS Business Council Financial Services Working Group or reach out via email at team@brics-pay.com.
BRICS Pay operates as a public-private partnership, where independent participants contribute to both funding and solution development.
Key Solutions Delivered by BRICS Pay
- Financial Messaging: An independent, encrypted messaging system supporting SWIFT standards, along with compatibility with other systems like CIPS and SPFS.
- Message Conversion: A converter to streamline payments across different messaging formats, enhancing compatibility across diverse systems.
- BRICS CBDC: Settlements between BRICS countries are expected to occur through a wholesale digital currency, with interaction principles for national currencies and clearing processes under development.
- Settlements and Clearing: Each country can decide whether private or central banks will handle settlement and clearing, enabling flexibility in the system’s structure.
BRICS Pay is poised to redefine global payments, ensuring that individuals, businesses, and nations benefit from a secure, efficient, and inclusive financial ecosystem.