BRICS to have single integrated payment system
The BRICS (Brazil, Russia, India, China, and South Africa) are working out a single payment system to be known as BRICS Pay. This was reported by the Russian news agency Izvestia, quoting the Russian Fund for Direct Investments, which is the Moscow coordinator of the working group on financial services of the Executive Council of the BRICS.
The payment will be processed through a mobile app, no matter what the national currency of the payer is. This can also be used by other countries, if they so wish. The pilot project will be executed in South Africa early April this year.
Izvestia also reported that the creation of this new integrated international payment system has been a priority for the ВRICS countries, because of the volatile economic order.
According to experts the integrated system of payments will facilitate increased trade and wean members of the bloc away from dependence on transnational monetary organisations, which is important given the increasing friction marking international relations.
