What Is BRICS Pay? How the Digital Payment System Could Change Global Trade

Source: प्रभात खबर | Original Published At: 2026-09-12 07:12:18 UTC

Key Points

• BRICS Pay is not a new currency but a digital network bridge connecting existing national payment systems such as India's UPI.
• It aims to allow direct transactions in local currencies, reducing reliance on the US dollar and the SWIFT network.
• The platform initially targets tourists, students, and companies engaged in international trade.
• QR-code based payments are expected to speed up transactions and lower currency conversion costs.
• South African President Cyril Ramaphosa said the initiative supports financial sovereignty and helps emerging economies withstand external shocks.
• BRICS Pay is positioned as a complement to SWIFT rather than a full replacement.