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The plans to bring together a new digital payment network has been initiated after certain discussions that sparked during the 2025 Johannesburg Declaration. At the time The issue is about creating a multisided digital payment platform. It will help bring the financial markets of the BRICS member states closer and increase mutual trade The new BRICS payment system, primarily initiated by China and Russia, also known as “BRICS Pay,” is a planned independent and decentralized payment messaging Russia is spearheading BRICS’s push for a cross-border payment system using national currencies and digital assets. The initiative aims to strengthen BRICS’s financial July 12 (Interfax) - The creation of a BRICS digital payment platform, BRICS Bridge, will help increase mutual trade between the member countries, Russian Federation Council Speaker

BRICS Begins Creation of New Digital Payment Platform: BRICS Pay Revolution?

The global financial landscape is shifting as BRICS nations forge ahead with plans to bring together a new digital payment network. This initiative, potentially dubbed "BRICS Pay," aims to create an independent and decentralized payment messaging system designed to bypass traditional financial infrastructure.

The impetus for this groundbreaking platform stems from discussions initiated during the 2025 Johannesburg Declaration. The core issue is about creating a multisided digital payment platform. It will help bring the financial markets of the BRICS member states closer and increase mutual trade. This new system promises to streamline transactions and foster greater economic cooperation within the BRICS alliance.

China and Russia Spearheading BRICS Pay Initiative

The new BRICS payment system, primarily initiated by China and Russia, also known as “BRICS Pay,” is a planned independent and decentralized payment messaging system. Russia is spearheading BRICS’s push for a cross-border payment system using national currencies and digital assets. The initiative aims to strengthen BRICS’s financial independence and resilience in the face of global economic uncertainties.

BRICS Bridge: Facilitating Mutual Trade

July 12 (Interfax) - The creation of a BRICS digital payment platform, BRICS Bridge, will help increase mutual trade between the member countries, Russian Federation Council Speaker [source]. This underscores the potential of the platform to not only enhance financial integration but also to drive significant growth in trade volumes amongst BRICS nations.

Key Benefits of the New BRICS Payment System

  • Increased mutual trade between BRICS member countries.
  • Enhanced financial independence and reduced reliance on Western-dominated systems.
  • Streamlined cross-border transactions using national currencies and digital assets.
  • A decentralized and secure payment messaging system.

As the BRICS nations continue to develop this innovative digital payment platform, the global financial world watches closely, anticipating a potential paradigm shift in international trade and finance.

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