Analyst: BRICS Pay to make it easier for Russian companies to enter Brazilian market

The creation of the BRICS countries' own payment system may become a key step for the expansion of economic ties between Brazil and Russia. Nikolay Rapaev, an analyst of the Brazilian market and founder of one of the largest trading platforms in Latin America, told TV BRICS in an interview.

According to the expert, a secure payment infrastructure will open up new opportunities for manufacturers and entrepreneurs from the countries of the association. In particular, we are talking about more transparent and faster settlements between companies, as well as increased trust on the part of major players.

"Right now, a Brazilian legal entity is required to operate on marketplaces. Money is brought into the country, and only then can you pay for a delivery from Russia. If a system is built that allows direct settlements between BRICS countries, it will remove a lot of barriers. Especially for large manufacturers," Rapaev explained.

Russian companies are highly interested in entering the Brazilian market, including due to the record indicators of mutual trade in recent years.

According to the expert, the launch of such a payment system will also help popularise Brazil among Russian manufacturers.

"There is a need for educational initiatives, webinars, breakdowns. For our part, we already help entrepreneurs test goods without imports, select niches, localise cards, build analytics. If a convenient financial mechanism is added to this, interest in the region will grow significantly," he added.

Earlier, the development of a unified payment platform BRICS Pay was launched to make payments and transfers in the BRICS member countries. This will allow citizens of Russia, China, India, Brazil, and South Africa to use their own national currency for payments in any of these countries. External mutual settlements between these states will also be made in the national currency.

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