BRICS countries to create a single service for mobile payments

Thursday 7 March 2019 11:42 CET | News

BRICS countries have announced they are currently developing a single payment system that will be called BRICS Pay.

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.

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Keywords: BRICS, single payment system, BRICS Pay, mobile payments, mobile application, smartphone, digital wallet, Brazil, Russia, India, China, South Africa
Countries: World