At the BRICS Business Forum held in Moscow, a new payment system, BRICS Pay, designed to facilitate the use of national currencies in international transactions and reduce dependence on the dollar and the euro, was presented. The system is based on QR code technology, which makes it simple and accessible to a wide range of users.

BRICS Financial Technologies representative Andrey Mikhailishin said that at the first stage, BRICS Pay will allow foreign tourists and businessmen in Russia to pay for goods and services with Visa and Mastercard cards via web or mobile application (in the future).

"However, the project's key goal is to enable direct payments between national payment systems of BRICS+ countries and the digital currencies' use. This will bypass international payment systems and reduce fees,’ he emphasised.

One of the advantages of BRICS Pay is the ability to pay even when there is no internet on the buyer's smartphone thanks to a unique patented technology. This is especially relevant for travellers in roaming. The system also guarantees transaction security high level through encryption and multi-factor authentication.

"More than 4,000 forum participants have already tried BRICS Pay in action, making purchases in retail outlets in Moscow. The system launch in the Russian Federation is scheduled for the end of 2024. In 2025 BRICS Pay will be available in other BRICS countries, as well as in popular tourist destinations such as Turkey, Egypt and Maldives,’  Andrey Mikhailishin concluded.

BRICS Pay is part of a broader BRICS strategy to de-dollarise and strengthen financial sovereignty. Together with other initiatives, such as the BRICS Bridge interbank settlement platform and the BRICS Clear depository system, the new payment system is designed to create an alternative financial infrastructure and boost trade between member countries.