BRICS Pay Receives Interest From European Union, South America, Africa

The BRICS Pay system is receiving interest from the European Union, countries from South America, and Africa. The alliance is strategically expanding its global footprint by allowing many countries to join the payment system. Not just countries, the bloc is partnering with fintech entities, banks, and technological firms to strengthen the payment mechanism.

Andrey Mikhaylishin, co-founder of the BRICS Pay project, confirmed that they’re receiving interest from all over. “We observe considerable inbound interest from the European Union, Latin America, and Africa,” he said. Mikhaylishin is eyeing Africa closely as over 1.5 billion people lack access to traditional payment cards.

“We observe considerable inbound interest from the European Union, Latin America, and Africa,” Also Read: How the US Plans to Counter BRICS De-Dollarization Agenda

Also Read: How the US Plans to Counter BRICS De-Dollarization Agenda###Africa Could Make BRICS Pay Grow Stronger

Source: Valery Sharifulin (TASS)The demography represents a significant opportunity for BRICS Pay to grow and gain control of the African continent. It could become a pivotal financial technology enabler and change the overall structure by providing seamless and transparent transactions. It has lower transactional costs that can help African countries save millions in foreign exchange rates.

The BRICS Pay is not built to incorporate the US dollar in its payment mechanism. It facilitates cross-border transactions among member nations in local currencies and bypasses the SWIFT payment system. It’s a tangible step to reduce reliance on the US dollar and other Western-backed payment mechanisms.

Also Read: BRICS Expansion in 2025 Shapes Future of World Order, US on Edge

Also Read: BRICS Expansion in 2025 Shapes Future of World Order, US on Edge####When Was The Payment System Launched?

Source: MiFseeSource: MiFseeThe BRICS Pay was launched in October 2024 and worked only at the Business Forum in Russia, and the mechanism is built on blockchain technology. It also leverages Russia’s Mir Network and India’s Unified Payments Interface (UPI) but uses blockchain to validate transactions and ensure efficient payments. However, it is yet to be out to the public.

Even though it leverages blockchain technology, the system is not a Central Bank Digital Currency (CBDC). If countries in the European Union, Latin America, and Africa begin using BRICS Pay, SWIFT could face significant challenges. The US could be the hardest hit as local currencies could gain prominence over the dollar.