(Ecofin Agency) - BRICS (Brazil, Russia, India, China, and South Africa) is currently elaborating a single, common payment system, BRICS Pay.
This payment system will facilitate financial transactions between member countries.
The member countries explain that BRICS Pay will not duplicate local payment systems but connects them in a special cloud platform. On this platform, credit and debit cards of citizens in these countries will be connected to online wallets. That way, citizens can pay their bills thanks to a smartphone in any of the currencies used within the BRIC.
South Africans can thus use the rand as a direct exchange currency for payments towards Brazil, Russia, India, China. According to the BRICS, this is a crucial step towards de-dollarization.
Those countries expect BRICS Pay will progressively boost the popularity of national payment systems that will then replace Visa and Mastercard branded cards.