BRICS PAY
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BRICS PAY or BRICS Pay is a decentralised and independent payment messaging mechanism system under development by the BRICS member states. It is similar to Europe's SWIFT and India's Unified Payments Interface.[1] The project is a joint venture between the BRICS states to receive and make payments in their own local currencies.[2][3][4][5] 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. The purpose of BRICS PAY is to make international payments less costly and complicated, encouraging international cooperation between the growing crowd of BRICS members.[6]
References
[edit]- ^ "BRICS PAY". brics-pay.com. Retrieved 2023-10-03.
- ^ Gumbi, Kopano; Mukherjee, Promit; Miridzhanian, Anait (2023-08-24). Bavier, Joe; Zieminski, Nick (eds.). "BRICS payment system would not replace SWIFT -S.Africa finance minister". Reuters. Retrieved 2023-10-03.
- ^ Liu, Zongyuan Zoe; Papa, Mihaela (February 2022). "Can BRICS De-dollarize the Global Financial System?". Elements in the Economics of Emerging Markets. doi:10.1017/9781009029544. Archived from the original on Feb 5, 2024 – via Cambridge Core.
- ^ Ostroukh, Andrey (2019-11-14). Blair, Edmund (ed.). "Russia says BRICS nations favour idea of common payment system". Reuters. Retrieved 2023-10-03.
- ^ "BRICS countries could launch integrated payment system". bne IntelliNews. 2019-03-12. Retrieved 2023-10-03.
- ^ "BRICS PAY". brics-pay.com. Retrieved 2024-09-30.
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