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BRICS Pay is a digital payment system being developed by the BRICS bloc (Brazil, Russia, India, China, and South Africa, along with the new members) that seeks to create an alternative to the dominance of the US dollar and the SWIFT system in international transactions. The initiative has been compared to Brazil's Pix, but on a global scale.
How It Works and What Are the Objectives?
The main objective of BRICS Pay is to allow member countries to conduct commercial and financial transactions directly in their local currencies, eliminating the need for conversion to the dollar. This brings several advantages, such as cost reduction (exchange rates and intermediation fees) and faster operations.