BRICS Payment
Simplifying Cross-Border Payments for BRICS NationsThe BRICS countries are actively working on an alternative currency system that could be released as soon as 2025. This currency, potentially called the “Unit,” is designed to reduce dependence on the U.S. dollar for international trade. It is expected to be partially backed by gold (around 40%) and supported by the national currencies of BRICS member states, including recent members like Saudi Arabia, the UAE, and Egypt. BRICS leaders showcased a prototype banknote in October 2024, emphasizing this currency’s goal to increase economic sovereignty for the bloc.
A complementary initiative, the BRICS Bridge payment platform, aims to provide an alternative to SWIFT, allowing member states to use their own central bank digital currencies for cross-border transactions. This system, alongside Project mBridge (involving the central banks of several countries), has reached advanced stages, supporting real-value transactions to facilitate trade without the U.S. dollar.
Official Website: brics-pay.comBRICS Pay
BRICS Payment is committed to providing seamless, secure, and efficient cross-border payment solutions for businesses and individuals across BRICS nations: Brazil, Russia, India, China, and South Africa. BRICS Pay aims to foster economic growth by streamlining payments and enhancing financial cooperation within BRICS.
BRICS Established
BRICS was established in 2009 as a formal alliance, initially as “BRIC,” comprising Brazil, Russia, India, and China.
BRICS Headquarters
The BRICS organization does not have a centralized headquarters.
BRICS Full Form
BRICS stands for Brazil, Russia, India, China, and South Africa.
Released Date
BRICS currency will be released in Early 2025.
BRICS Countries
1. Brazil, 2. Russia, 3. India, 4. China, 5. South Africa and new countries are 6. Iran, 7. Egypt, 8. Ethiopia, 9. United Arab Emirates.
New BRICS Countries
1. Egypt, 2. Ethiopia, 3. Iran, 4. United Arab Emirates
Which countries want to join BRICS?
Turkey: Officially applied to join BRICS on September 2, 2024.
Venezuela: Applied to join BRICS, but Brazil blocked the application after the 2024 Venezuelan elections.
Malaysia, Indonesia, Vietnam, and Thailand: Have been welcomed by BRICS.
BRICS summit 2024 held in which country?
The 2024 BRICS Summit was held in Kazan, Russia from October 22 to 24. This summit marked a significant moment for BRICS, as it focused on expanding the alliance and implementing initiatives like an alternative payment system to reduce reliance on the U.S. dollar. This year, BRICS members discussed strengthening their economic cooperation, launching the BRICS Bridge payment platform, and advancing steps toward a potential BRICS currency.
Why Was BRICS Formed?
BRICS was formed to enhance economic cooperation among Brazil, Russia, India, China, and later South Africa, creating a stronger global presence for emerging economies. Key goals include reducing reliance on Western-dominated financial systems, supporting sustainable development through initiatives like the New Development Bank (NDB), and exploring alternatives to the U.S. dollar for trade.
BRICS Pay Services
Fast and Reliable Cross-Border Payment Solutions
Highly Secure Transactions
24/7 Customer Support
Multi-currency Support for BRICS Nations
Key Milestones
Here’s a table of key milestones in BRICS’ history:
| Year | Milestone | Description |
|---|---|---|
| 2006 | Initial Formation | BRIC (Brazil, Russia, India, China) held informal meetings during the UN General Assembly to discuss common economic interests. |
| 2009 | First BRIC Summit | The first formal summit was held in Yekaterinburg, Russia, marking the official formation of BRIC as an alliance. |
| 2010 | Addition of South Africa | South Africa joined, transforming BRIC into BRICS, expanding the bloc’s influence to Africa. |
| 2014 | Establishment of New Development Bank (NDB) | The NDB was founded to fund infrastructure and sustainable development projects in BRICS and other emerging economies. |
| 2015 | BRICS Contingent Reserve Arrangement (CRA) | CRA was launched as a $100 billion financial safety net to provide liquidity to members during economic crises. |
| 2019 | BRICS Innovation Network | BRICS launched the Innovation Network to promote cooperation in science, technology, and innovation among members. |
| 2024 | BRICS Expansion | Five new members—Saudi Arabia, UAE, Egypt, Iran, and Ethiopia—joined, strengthening the bloc’s global presence. |
Objectives of BRICS
Promote Economic Growth
Strengthen cooperation to accelerate economic development in member nations, focusing on sustainable and inclusive growth.
Enhance Trade and Investment
Foster increased trade and investment within and beyond BRICS nations, reducing reliance on Western economies.
Financial Independence
Reduce dependency on the U.S. dollar by developing alternative financial mechanisms, such as the New Development Bank and exploring a BRICS currency.
Multipolar World Order
Provide a counterbalance to Western influence in global governance, advocating for a fairer representation in international institutions.