About BRICS PAY project

BRICS Pay is a joint venture between the five BRICS countries (Brazil, Russia, India, China and South Africa) that was launched in 2018 by the BRICS Business Council among the top priorities in the Annual Report. The team behind the venture consists of individuals from all five countries. This includes experts in payments, banking, technology, and other related fields. They are responsible for developing the platform, creating new features, and providing customer support. Additionally, the team is responsible for managing relationships with partners, governments, and other stakeholders.

BRICS PAY is a digital payments platform that is being jointly developed by the member countries of the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc. BRICS PAY aims to enable digital payments between the different countries in BRICS PLUS format, allowing businesses and consumers to securely and seamlessly make and receive payments in their local currency. The platform is designed to reduce the cost and complexity of international payments, while also providing a secure and reliable way to pay for goods and services.

About BRICS PAY project

BRICS Pay is a joint venture between the five BRICS countries (Brazil, Russia, India, China and South Africa) that was launched in 2018 by the BRICS Business Council among the top priorities in the Annual Report. The team behind the venture consists of individuals from all five countries. This includes experts in payments, banking, technology, and other related fields. They are responsible for developing the platform, creating new features, and providing customer support. Additionally, the team is responsible for managing relationships with partners, governments, and other stakeholders.

BRICS PAY is a digital payments platform that is being jointly developed by the member countries of the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc. BRICS PAY aims to enable digital payments between the different countries in BRICS PLUS format, allowing businesses and consumers to securely and seamlessly make and receive payments in their local currency. The platform is designed to reduce the cost and complexity of international payments, as well as providing a secure and reliable way to pay for goods and services.

3 billion

people

42% population
of the World

40 million

square kilometers

30% Land area
of the World

24 trillion

US dollars

26% GDP
of the World

3 trillion

US dollars

20% Exports and Imports
of the World

BRICS PAY principles and advantages

BRICS PAY set benefits from a combination of traditional payment systems and new technologies such as central bank digital currencies (CBDC), decentralized finance, and tokenized assets (secured money). BRICS PAY is an expansion of payment options for companies and citizens of participating countries, as well as for the entire world and all existing or emerging payment solutions.

DECENTRALIZATION

Financial flows are distributed among a certain number of participants, and are not concentrated in the hands of central operators. This reduces the risk of system failures, increases the stability and transparency of working conditions.

INTEROPERABILITY

Through the use of open APIs, the BRICS PAY system will ensure that customers have access to their accounts, no matter what payment system they use - funds can move between systems faster and more securely.

JUSTICE

Equal rights for all parties involved in financial transactions so that no party receives an unfair advantage.

INCLUSIVENESS

The system is accessible and provides an equal opportunity for individuals and businesses, regardless of their background or financial history, regardless of income, location or other factors not contrary to law.

RESPONSIBILITY

All parties involved in financial transactions must be held accountable for their actions and decisions.

EFFICIENCY

The payment system will have low transaction costs and fast payment processing times.

SECURITY

The payment system ensures the security of financial information and transactions, and is highly protected from fraud and cyberattacks.

TRANSPARENCY

BRICS PAY should have clear rules and regulations that are publicly communicated to all participants.

SUSTAINABILITY

BRICS PAY is designed to promote long-term economic stability and the resilience of artificial barriers to economic development.

How BRICS PAY will work in retail

Project structure

The project is overseen by the heads of the five working groups on financial services of the BRICS Business Council of five countries: Brazil, Russia, India, China and South Africa. The doors to the project are open to all participants. You can join the project by contacting the head of the BRICS Business Council Financial Services Working Group in your country, or if you are not from one of the participating countries, contact the one closest to you. You can also write to us at team@brics-pay.com
BRICS PAY is the public-private partnership, with participants funding and developing solutions independently.

Basic solutions implemented within the BRICS PAY project

1

Financial messaging

Independent distributed system with asymmetric encryption. Supports the SWIFT messaging standard and will also work with CIPS and SPFS messaging

2

Message conversion

The BRICS PAY financial messaging system involves the creation of the payment messages converter between different formats.

3

BRICS CBDC

Settlements between BRICS PAY countries are expected to be made in wholesale digital currency. The principles of interaction with national currencies, calculation of rates, emission and clearing are under development.

4