BRICS Countries Navigate New Alternative Payment System for Stronger Cooperation
5 Articles
5 Articles
BRICS countries navigate new alternative payment system for stronger cooperation
This year is the first year following the expansion of BRICS, and the first post-expansion summit will be held in Kazan, Russia, from October 22 to 24. Concurrently with the summit, the new payment system BRICS Pay has drawn attention, highlighting the strengthening of economic and trade ties among BRICS countries.


One of the proposals discussed during the previous BRICS block summit last October 2024 in Kazan, Russia, was the possibility of creating a new alternative payment system to SWIFT, the main interbank payment network today. The interest was more strongly debated at the most recent XVII BRICS Summit in Rio de Janeiro, which took place on 5 and 6 July.
BRICS leaders propose to create an alternative payment system to Swift One of the proposals discussed during the previous BRICS block summit last October 2024 in Kazan, Russia, was the possibility of creating a new alternative payment system to SWIFT, the main interbank payment network today. The interest was discussed with more [...] The BRICS Leaders entry proposes at the Rio de Janeiro summit the creation of an alternative payment system to S…
'Post Covid-19, countries are looking for alternatives in cross-border payments'
Post the pandemic, countries in the Global South, including the emerging economies of the 10-member BRICS grouping, are looking for alternatives to boost their economies and the interoperability payments have emerged as a good alternative, according to MEA Secretary (Economic Relations) Dammu Ravi.
Coverage Details
Bias Distribution
- 100% of the sources lean Left
To view factuality data please Upgrade to Premium