What Is BRICS Pay, and Can It Rival the West’s SWIFT Payments System?
Leaders instead advanced cross-border payment systems and local-currency trade settlements, while the declaration said no single approach fits all members.
6 Articles
6 Articles
BRICS abandons common currency push, opting for integrated payment systems to bypass US dollar friction
Hopes for a common BRICS currency have been put on hold for now, with the bloc instead pushing ahead with plans to settle more trade and investment in members’ local currencies.
One bloc, two futures?
The leaders planted trees. That was the image New Delhi offered on 12 September: the delegations at Bharat Mandapam, Vladimir Putin at his first BRICS summit outside Russia since the war in Ukraine, Xi Jinping on Indian soil for the first time in seven years. Washington, for its part, had written the caption long before the photograph was taken: Donald Trump has called the grouping ‘anti-American’ and threatened tariffs on any country that align…
BRICS Pay is not a substitute for the US dollar, but it is an alternative way to make cross-border payments between member countries easy and secure. Trading directly in local currencies does not require frequent conversion into dollars, which reduces transaction costs. Every time dollars are deposited for import-export [...]
The BRICS countries want to make their mutual payments faster, cheaper, and less dependent on Western financial infrastructure. BRICS Pay is intended to connect national payment systems. However, for the time being, there is no talk of a new global counterpart to SWIFT. The ...
BRICS countries confirmed the focus on further expansion of national currency calculations, stated Russian Deputy Minister for Foreign Affairs Sergei ... . . . . . . 16.09.2026, PRIM
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