BRICS Pay Accelerates Global De-Dollarization with Cross-Border Digital Payment Platform
BRICS Pay, a cross-border digital payment platform under development by Brazil, Russia, India, China, and South Africa, aims to facilitate trade in local currencies. The system is designed to reduce reliance on the U.S. dollar and the SWIFT network, offering member nations an alternative for international transactions without dollar-based settlements.
The initiative traces its roots to the 2014 Fortaleza Summit, where the New Development Bank and Contingent Reserve Arrangement were established to counter Western financial dominance. A working prototype was unveiled in Moscow in October 2024, with Russian President Vladimir Putin highlighting its role in the growing de-dollarization movement.
SWIFT, the incumbent global payments network, connects over 11,000 institutions but operates under Western governance. BRICS Pay positions itself as a sovereign alternative, challenging the dollar's hegemony in cross-border trade.
