BRICS Announces Plans to Launch BRICS Pay in 2026 as Independent Alternative to SWIFT

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Source: Portal Mix Vale | Original Published At: 2026-01-26 19:18:16 UTC

BRICS Pay will launch in 2026 to facilitate direct cross-border transactions in member countries' local currencies, bypassing SWIFT and the US dollar.
The platform aims to integrate existing national payment systems (e.g., Brazil's Pix, Russia's SPFS, China's CIPS) for faster, lower-cost transfers.
Key objectives include enhancing financial sovereignty, reducing exposure to external sanctions, and promoting intra-BRICS trade and tourism.
Technical coordination is led by India's central bank, with full operational implementation planned by the 2026 BRICS summit in India.
The system may later incorporate central bank digital currencies (CBDCs) and connect with existing networks like Visa/Mastercard as a parallel option.