What is BRICS Pay || Why Does it Matter
What is BRICS Pay || Why Does it Matter
BRICS Pay is a payment system initiative developed by the BRICS nations (Brazil, Russia, India, China and South Africa) to facilitate cross-border transactions among these countries.
Its primary objective is to bypass traditional financial infrastructures, particularly those dominated by the United States dollar and Western financial institutions, thereby promoting financial independence within the bloc.
The initiative is part of the broader goal of reducing reliance on existing financial systems, such as SWIFT, which are susceptible to sanctions and influence from Western countries.
The combined GDP of the BRICS nations was over $26 trillion in 2024, comprising about 36.7% of the global economy. This means that if BRICS Pay becomes fully embedded across these economies, it has the potential to fundamentally shift global trade dynamics, reducing the need for intermediary currencies and lowering costs associated with currency conversion and dollar-based transactions.
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