BRICS PAY or BRICS Pay is a distributed payment messaging mechanism system by BRICS member states. It is similar to Europe's SWIFT and India's Unified Payments Interface.[1] The project is a joint venture between states to receive and make payments in own local currency.[2][3][4][5]

References

  1. ^ "BRICS PAY". www.brics-pay.com. Retrieved 2023-10-03.
  2. ^ "BRICS payment system would not replace SWIFT -S.Africa finance minister". Reuters. 2023-08-24. Retrieved 2023-10-03.
  3. ^ 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.
  4. ^ "Russia says BRICS nations favour idea of common payment system". Reuters. 2019-11-14. Retrieved 2023-10-03.
  5. ^ "BRICS countries could launch integrated payment system". www.intellinews.com. 2019-03-12. Retrieved 2023-10-03.