BRICS member states to create a single payment system – BRICS Pay

It will soon be possible to use the system in any member state

BRICS Pay, the unified payment system, will enable you to make payments in any country that joins the system, regardless of what currency is in the account, tvbrics.com reports.

Oleg Preksin, Vice-President of the Association of Russian Banks, and member of the BRICS Business Council task group, stated that the development of the New International Payment System (NMPS) of the BRICS countries (Brazil, Russia, India, China, South Africa) was discussed both at the meeting of the Five Business Council and in the annual reportpresented to the BRICS leaders at the Johannesburg summit. The Business Council includes the heads of the Chamber of Commerce and Industry, VEB.RF, RDIF, Russian Railways and Rostec.

“Currently we are talking about the development of a mobile application, a common platform that will enable users to connect and that will guarantee the coordinated work of the national payment systems of the BRICS countries. Moreover, other countries can join this agreement, if they use the BRICS plus formula. The point is that citizens from BRICS countries will be able to use their national payment cards to pay for goods and services, as well as to conduct cross-border transfers in countries that sign up to this agreement,” announced Oleg Preksin.

All the BRICS countries, with the exception of South Africa, already have their own national payment systems: ELO in Brazil, Mir in Russia, RuPay in India and UnionPay in China. According to official data on the websites of these organizations, the Brazilian system has issued 120 million national cards, the Russian50 million, the Indian 500 million and the Chinese more than 6 billion.

The emergence of a common service similar to Apple Pay and Samsung Pay for different payment systems will impact the development of retail trade among citizens of partner countries. In the future, any state can join the project.

At present, the initial payment platform is being coordinated by BRICS colleagues, who are establishing the management system of the entire project. In this regard, the upcoming meeting of the BRICS business council in Johannesburg (April 3- April 4) where South Africa will hand over the chairmanship of the Brazilian business council, will be of vital importance. “Russia’s chairmanship of the council is not far off, the summit of which will be the BRICS and SCO summit in Chelyabinsk in 2020”, added Oleg Preksin, vice president of the Association of Russian Banks, and member of the task force group of the BRICS Business Council.