BRICS Pay Implementation Advances; Analysts Comment on Challenges to Reduce Dollar Dependence

Source: Brasil 247 | Original Published At: 2026-06-15 22:58:56 UTC

Key Points

• BRICS Pay is an international payment system developed by BRICS nations, currently in testing phase, inspired by Brazil's Pix system and using blockchain technology
• The platform aims to enable instant cross-border transactions directly in national currencies, offering an alternative to dollar-dependent systems like SWIFT
• Experts estimate BRICS Pay could represent 15-20% of international trade by 2030, with BRICS countries already accounting for approximately 40% of global GDP
• Implementation faces challenges including heterogeneous technological infrastructures, different regulatory models, and varying levels of digitalization among member countries
• The topic is expected to be highlighted at the 18th BRICS Summit scheduled for September in New Delhi, India, which holds the rotating presidency
• In the short term, the system is expected to coexist with SWIFT rather than replace it, particularly benefiting small and medium enterprises
• The expansion of BRICS membership has increased the bloc's political and economic weight but also made internal coordination more complex