They added that they are ready to consider participation in financing the platform. One of the most likely scenarios for the project is the creation of a digital wallet that will unite the payment systems of all the BRICS countries (Brazil, Russia, India, China, South Africa), according to members of the working group.
Through a mobile application installed on a smartphone, it will be possible to pay for a purchase in any country of the group, regardless of the currency on the buyer’s account. The project aims to reduce the dependence on transnational payment systems, which is especially important against the background of growing geopolitical tensions, according to experts.
The pairing of national payment systems of the BRICS countries is already officially one of the priority projects for the union; thus, the coordination of the technological platform between the countries, as well as the demonstration purchases will take place in the near future. The BRICS cooperation mechanism is regarded as an important platform not only for the participants of the group itself, but also for developing countries.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.