The global financial system is evolving, and BRICS nations are taking bold steps to reduce dependency on traditional currency networks. One of the most significant developments in this movement is BRICS Pay—a new payment system unveiled at the BRICS Business Forum in Moscow. This system isn’t just another payment platform; it’s a strategic initiative designed to make cross-border transactions smoother, safer, and more inclusive, while strengthening the use of national currencies within BRICS and beyond.
This article explores what BRICS Pay is, how it works, why it matters, and what its future holds for international travelers, businesses, and the financial sector.
What Is BRICS Pay?
BRICS Pay is a QR-code-based payment system that enables users to make quick, secure payments across participating countries. In its initial phase, BRICS Pay allows foreign tourists and business travelers to use familiar payment options like Visa and Mastercard to pay for goods and services in Russia.
What makes it unique is its connectivity between national payment systems across BRICS+ countries, meaning travelers can make payments using their home-country currency without worrying about exchange hassles.
The platform is initially accessible through a web application, with mobile apps for iOS and Android (App Store and Google Play) coming soon. Future updates will bring an online wallet feature, allowing users to make payments directly in their national currencies through smartphones.
Key features of BRICS Pay:
- QR code-based transactions: Fast and user-friendly payments for retail, restaurants, and services.
- Offline payment capability: Works even without internet access—ideal for international roaming.
- Cross-border compatibility: Simplifies currency exchange for travelers.
- Integration with national systems: Strengthens local payment infrastructures while connecting them to a broader network.
How Does BRICS Pay Work?
The process is simple and designed for ease of use:
- Generate or Scan a QR Code:
Users can either present a payment QR code from their smartphone or scan a merchant’s QR code at checkout. - Use Preferred Payment Methods:
Whether it’s Visa, Mastercard, or local payment options, accommodates multiple systems. - Offline Functionality:
Thanks to its patented technology, works even when users don’t have internet access—an invaluable feature for those traveling internationally. - Enhanced Security:
With encryption and multi-factor authentication, protects users against fraud and cyber threats, ensuring every transaction is secure.
This simple, uniform approach to QR payments creates a seamless experience for merchants and consumers alike.
Why BRICS Pay Matters: Key Advantages
BRICS Pay isn’t just a tool for convenience—it’s a strategic step forward in global finance. Here’s why it’s such a big deal:
1. Strengthening National Currencies
By encouraging transactions in local currencies, it reduces reliance on dominant global currencies. This empowers nations to conduct trade and tourism exchanges without losing value to currency conversions.
2. Cost Savings for Travelers & Businesses
Tourists and businesspeople avoid costly exchange rates and hidden fees when paying in their own currency through the platform.
3. A Boost for Cross-Border Commerce
The system supports BRICS+ nations, opening doors for countries not yet part of BRICS to benefit from the ecosystem.
4. Accessibility in Low-Connectivity Zones
Offline functionality makes it an attractive solution in areas with poor or expensive internet access.
5. Interoperability & Scalability
Its decentralized fractal topology means it can scale quickly and integrate with various blockchain networks, making it future-ready.
BRICS Pay at the Business Forum: A Real-World Test
The system had its first live demonstration at the BRICS Business Forum in Moscow. Each participant received a promo card with a one-time QR code to top up their BRICS Pay wallet. They could then make real purchases at the World Trade Center (WTC), showcasing the system’s ease of use and reliability.
The numbers speak for themselves:
- 4,000+ users registered during the two-day event.
- Multiple transactions processed successfully at retail outlets connected to the system.
This practical demonstration proved BRICS Pay isn’t just a concept—it’s ready for real-world use.
The Technology Behind BRICS Pay
BRICS Pay is more than just a payment app—it’s a decentralized, consortium-driven platform.
Key elements of its technical architecture include:
- Decentralized Autonomous Organization (DAO): Governance by multiple stakeholders ensures transparency and regulatory compliance.
- Fractal Topology: Provides rapid deployment, scalability, and smooth integration with existing systems.
- Blockchain Compatibility: The system works with different blockchain networks, supporting future expansion into digital assets and smart contracts.
This combination of traditional payment integration and blockchain readiness makes BRICS Pay a forward-thinking solution.
Expansion Plans: Where BRICS Pay Goes Next
The initial rollout in Russia is planned for late 2024, starting with select locations.
By 2025, BRICS Pay aims to expand its reach significantly:
- Popular tourist destinations: Including Turkey, Egypt, Maldives, and more.
- Integration with other BRICS and BRICS+ countries: Extending the network’s reach to non-member nations.
- Mobile wallet features: Enabling peer-to-peer transactions and broader payment options directly in national currencies.
Why BRICS Pay Is a Game-Changer for Global Finance
In an era of geopolitical shifts and changing trade dynamics, BRICS Pay represents more than a payment tool—it’s a financial strategy.
- For Travelers: It removes the headache of currency exchange while ensuring secure, convenient payments abroad.
- For Businesses: It simplifies cross-border transactions, reduces costs, and expands market reach.
- For Nations: It supports economic sovereignty, decreasing dependency on dominant global payment networks.
As Andrey Mikhaylishin, Chair of the BRICS Payments & Fintech Task Force, emphasized, this initiative creates a reliable, inclusive financial ecosystem for both BRICS members and other countries seeking better payment solutions.
Conclusion: The Future of Cross-Border Payments
BRICS Pay is more than an innovation—it’s a milestone in financial collaboration. It bridges gaps between national payment systems, supports cross-border trade, and empowers users with a cost-effective, secure, and globally connected solution.
With its planned expansion in 2025, the platform is set to transform how people travel, shop, and conduct business across BRICS and beyond.
As the global financial landscape shifts, BRICS Pay stands as a symbol of collaboration, resilience, and innovation—a payment system designed for the future.
Want to learn more?
Visit the official BRICS Pay website for updates and insights on the rollout.
