BellaCH: Created page with "{{Short description|Distributed payment messaging mechanism system}} {{Promotional|date=April 2025}} {{Infobox company | name = BRICS PAY | logo = File:BRICS_Pay_logo.png | logo_class = logo-nobg | type = | slogan = | founded = | hq_location = | num_employees = | industry = Telecommunications | products = Financial telecommunication | website = {{official URL}} }} {{Banking|transfer}} '''BRICS Pay..."

2026-09-13T04:56:13Z

Created page with "{{Short description|Distributed payment messaging mechanism system}} {{Promotional|date=April 2025}} {{Infobox company | name = BRICS PAY | logo = File:BRICS_Pay_logo.png | logo_class = logo-nobg | type = | slogan = | founded = | hq_location = | num_employees = | industry = Telecommunications | products = Financial telecommunication | website = {{official URL}} }} {{Banking|transfer}} '''BRICS Pay..."

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{{Short description|Distributed payment messaging mechanism system}}
{{Promotional|date=April 2025}}
{{Infobox company
| name = BRICS PAY
| logo = File:BRICS_Pay_logo.png
| logo_class = logo-nobg
| type =
| slogan =
| founded =
| hq_location =
| num_employees =
| industry = Telecommunications
| products = [[Financial]] [[telecommunication]]
| website = {{official URL}}
}}
{{Banking|transfer}}

'''BRICS Pay''' (stylized as '''BRICS PAY''') is a decentralized and independent [[payment system|payment messaging mechanism system]] that is affiliated with the [[BRICS]] organization.<ref name=":0">{{Cite web |date=2024-10-23 |title=China backs Russia-proposed BRICS payment system |url=https://www.voanews.com/a/china-backs-russia-proposed-brics-payment-system-/7836865.html |access-date=2024-10-29 |website=Voice of America |language=en}}</ref><ref>{{Cite web |date=2024-10-29 |title=BRICS Pay vs US dollar vs Euro? What we know so far |url=https://gulfnews.com/special-reports/brics-pay-vs-us-dollar-vs-euro-what-we-know-so-far-1.1730120959279 |access-date=2024-10-29 |website=gulfnews.com |language=en}}</ref>

==System==
The project is a joint venture developed by the BRICS member states to receive and make payments in their own local currencies.<ref>{{Cite news |date=2023-08-24 |title=BRICS payment system would not replace SWIFT -S. Africa finance minister |language=en |work=Reuters |url=https://www.reuters.com/world/africa/brics-payment-system-would-not-replace-swift-safrica-finance-minister-2023-08-24/ |first1=Kopano |last1=Gumbi |first2=Promit |last2=Mukherjee |first3=Anait |last3=Miridzhanian |editor-first1=Joe |editor-last1=Bavier |editor-first2=Nick |editor-last2=Zieminski |access-date=2023-10-03}}</ref><ref>{{Cite journal |last1=Liu |first1=Zongyuan Zoe |last2=Papa |first2=Mihaela |date=February 2022 |title=Can BRICS De-dollarize the Global Financial System? |url=https://www.cambridge.org/core/elements/can-brics-dedollarize-the-global-financial-system/0AEF98D2F232072409E9556620AE09B0 |via=Cambridge Core |journal=Elements in the Economics of Emerging Markets |language=en |doi=10.1017/9781009029544|doi-access=free |isbn=978-1-009-02954-4 |url-status=live |archive-url= https://web.archive.org/web/20240205143121/https://www.cambridge.org/core/elements/can-brics-dedollarize-the-global-financial-system/0AEF98D2F232072409E9556620AE09B0 |archive-date= Feb 5, 2024 }}</ref><ref>{{Cite news |date=2019-11-14 |title=Russia says BRICS nations favour idea of common payment system |language=en |work=Reuters |url=https://www.reuters.com/article/uk-brics-summit-russia-fx-idUSKBN1XO1KQ |first1=Andrey |last1=Ostroukh |editor-first1=Edmund |editor-last1=Blair |access-date=2023-10-03}}</ref><ref>{{Cite web |date=2019-03-12 |title=BRICS countries could launch integrated payment system |url=https://www.intellinews.com/brics-countries-could-launch-integrated-payment-system-157788/ |access-date=2023-10-03 |website=bne IntelliNews |language=en}}</ref> The venture was launched in 2018 by the BRICS Business Council. The team that cooperatively runs BRICS PAY consists of financial, banking technology experts from the four founding nations of BRICS, as well as South Africa.<ref>{{cite news |last1=Harsono |first1=Hugh |title=Indonesia's digital payment platform can help BRICS rival SWIFT |url=https://asia.nikkei.com/opinion/indonesia-s-digital-payment-platform-can-help-brics-rival-swift |access-date=16 October 2025 |work=Nikkei Asia |date=21 August 2025 |language=en}}</ref> The purpose of BRICS PAY is to make international payments more safe, transparent, less costly and complicated, encouraging international cooperation between the quickly expanding BRICS members.<ref>{{Cite web |title=BRICS PAY |url=https://brics-pay.com/ |access-date=2024-09-30 |website=brics-pay.com}}</ref>

On October 23, 2024, [[China]] fully backed BRICS PAY.<ref name=":0" />

=== BRICS DCMS ===
BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of [[Saint Petersburg State University|Saint-Petersburg State University]] of [[Russia]].{{Citation needed|date=August 2025}} DCMS operates transparently, without any central owner or hub. Participants manage their own nodes, allegedly making the system resistant to external abuse, control, or interference. The system does not feature mandatory transaction fees, but allows participants to optionally charge one another if they choose to. DCMS automatically builds transaction routes between participants, aiming to ensure reliable communication even in cases where direct transmission is unavailable. The goal is to minimize settlement imbalances between counterparties. Messages will be encrypted and signed, with multiple encryption mechanisms available. Participants can establish currency conversion rates and transaction limits. With recommended settings, DCMS claims to reach 20,000 messages per second, while on the other hand imposing minimal hardware requirements. DCMS is also planned to be open source, after passing the piloting phase. <ref>{{Cite web |date=2024-10-23 |title=DCLS-EN1 |url=https://brics-pay.com/files/DCMS-EN1.pdf |access-date=2024-10-23 |website=BRICS DCMS |archive-date=2025-01-01 |archive-url=https://web.archive.org/web/20250101144450/https://www.brics-pay.com/files/DCMS-EN1.pdf |url-status=dead }}</ref>

The member states view BRICS Pay to promote trade among its members, financial inclusion, and as a direction to reduce their reliance on the US dollar.<ref name=":2">{{Cite web |last=Pistilli |first=Melissa |date=6 January 2025 |title=How Would a New BRICS Currency Affect the US Dollar? |url=https://www.nasdaq.com/articles/how-would-new-brics-currency-affect-us-dollar-updated-2025 |access-date=10 February 2025 |website=Nasdaq}}</ref> Russia has been the strongest proponent of BRICS Pay, to bypass the SWIFT network and the US dollar transactions, but it was sanctioned from following its invasion of Ukraine.<ref name=":1">{{Cite web |last=Freidin |first=Evan |date=31 Dec 2024 |title=BRICS Pay as a challenge to SWIFT network {{!}} Lowy Institute |url=https://www.lowyinstitute.org/the-interpreter/brics-pay-challenge-swift-network |access-date=10 February 2025 |website=www.lowyinstitute.org |language=en}}</ref><ref>{{Cite web |date=9 April 2022 |title=Russia calls for integrating BRICS payment systems |url=https://www.reuters.com/business/finance/russia-calls-integrating-brics-payment-systems-2022-04-09/ |access-date=10 February 2025 |website=Reuters}}</ref> [[Iran]], also under US sanctions, sees this as a top national priority.<ref name=":0" /><ref name=":2" /> [[Brazil]]'s president [[Luiz Inácio Lula da Silva|Lula da Silva]] also supported the mechanism, stating that "the multipolar order we aim for is reflected in the international financial system" and suggested a BRICS currency.<ref name=":1" />

Kazan Declaration of October 2024 recognised the benefits of cross-border payment instruments to minimise "trade barriers and non-discriminatory access" and the use of local currencies in financial transactions between BRICS countries and their trading partners",<ref>{{Cite news |title=BRICS summit: Key takeaways from the Kazan declaration |url=https://www.reuters.com/world/factobox-main-points-brics-declaration-2024-10-23/ |archive-url=https://web.archive.org/web/20250106013136/https://www.reuters.com/world/factobox-main-points-brics-declaration-2024-10-23/ |archive-date=2025-01-06 |access-date=10 February 2025 |work=Reuters |language=en-US |url-status=live }}</ref> without commitments to a unified currency.<ref>{{Cite news |title=Posts misleadingly claim Russian leader unveiled BRICS banknote to member countries in Kazan |url=https://factcheck.afp.com/doc.afp.com.36L78UF |archive-url=https://web.archive.org/web/20241121080833/https://factcheck.afp.com/doc.afp.com.36L78UF |archive-date=21 November 2024 |access-date=10 February 2025 |work=AFP |language=en |url-status=live }}</ref>

== See also ==
{{Portal|Banks}}

* [[mBridge]]
* [[Bilateral key exchange]] and the new Relationship Management Application (RMA)
* [[Cross-Border Interbank Payment System]] (CIPS)
* [[Dedollarisation]]
* [[Electronic money]]
* [[Indian Financial System Code]] (IFSC)
* [[Single Euro Payments Area]] (SEPA)
* [[Sibos (conference)|Sibos]] conference
* [[SWIFT]]
* [[TIPANET]]
* [[Value transfer system]]

== References ==
{{Reflist}}

{{BRICS}}

[[Category:BRICS]]
[[Category:Payment systems]]

BRICS Pay - Revision history