The BRICS countries (Brazil, Russia, India, China, South Africa) create a unified payment system, which will be called the BRICS Pay. It can help to pay for the purchase in any country of this group, reports the newspaper “Izvestia” with reference to the press service of the Russian direct investment Fund (RDIF), which is the coordinator of the working group on financial services of the BRICS Business Council from Moscow.

“RDIF together with portfolio companies takes an active part in the drafting of the BRICS Pay. Portfolio companies ALONGSIDE the Fund’s partners from China and India have the expertise and technology required to implement the project”, — said the press service of the Fund. In addition, the Fund is ready to consider participation in the financing of the payment system, together with the BRICS partners.

One of the likely scenarios of the project — the creation of a special online wallet that will integrate the payment systems of all countries — participants of the BRICS. “Initially, the integration of payment systems will be implemented in the framework of creating a common platform for retail payments and transfers in BRICS countries”, — said Vice-President member of the target working group of the BRICS Business Council Oleg Preksin. In practice, this is implemented as a set at a smartphone app where you can pay in any country of the BRICS regardless of the currency in the account of the buyer. According to him, such a pilot project launched in South Africa in early April.

The total purse will work similarly to the existing payment services such as Apple Pay and Samsung Pay. This will create a private cloud platform that will connect the national payment system “five”. However, it will be able to join other players, said Oleg Preksin.

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