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.
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
• Mali plans to increase its total cotton cultivation area to 672,000 hectares in the 2025/2026 season, marking a 7.8% or 50,000-hectare increase from the...
• Tanzania Railways Corporation inaugurated freight service on the Standard Gauge Railway (SGR) between Dar es Salaam and Dodoma.• The SGR is part of...
• World Bank advocates for green jobs as a strategic solution for Gabon's economy and youth unemployment.• Despite natural wealth, training in sustainable...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...