The BRICS nations recently released a demo of its new international payment system, BRICS Pay.

Earlier this year five nations (Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia) joined the current BRICS nations (Brazil, Russia, India, China and South Africa).

Russian President Vladimir Putin has downplayed the prospect of a common BRICS currency, advocating a cautious approach due to economic disparities among member states. Instead, the 10-nation bloc is developing BRICS Pay, which is a decentralized, independent and clear move away from the SWIFT payment system.

This new payment system is rolling out as the BRICS nations gear up for the sixteenth BRICS Summit, which is set to take place from October 22-24, 2024 in Kazan, Russia.

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