The BRICS bloc will debate the progress of BRICS Pay at its next summit in New Delhi, India, a mechanism designed to interconnect instant payment systems of member nations.

The instrument, presented last year, seeks to facilitate direct settlement of transactions in local currencies without the mediation of the dollar or of SWIFT, the global interbank messaging network.

The technological proposal counts on technical viability thanks to tools already in use, such as blockchain, cards and QR codes.

RELATED: Iran Highlights BRICS Role in Global Energy Security

Behind the push stands a clear diagnosis. Reducing reliance on the dollar as a reference currency for trade and lowering transaction costs drive the initiative. The bloc also pursues greater financial sovereignty in the face of possible sanctions from the United States and Europe, an exposure made evident after the blocking of reserves held by the Russian central bank in 2022.

The weight of the group reinforces the proposal. BRICS members represent more than a third of global gross domestic product, a scale that gives the payment ecosystem both market depth and political relevance.

Each member brings its own experience to the table. China leads the digital advance with the e-CNY and the use of the yuan in foreign trade. Other countries explore the integration of their own central bank digital currencies and fast payment systems, such as Pix in Brazil and UPI in India. That diversity of national infrastructure becomes the raw material for a common layer.

BRICS PAY COMING SOON?

A prototype of the BRICS Pay card was unveiled at a BRICS event in Moscow , limited to just a few terminals at the World Trade Center for now—but it’s a demo, after all!

All eyes are on Kazan now to hear more about this! #BRICS2024 pic.twitter.com/TuzUxLekna

— Sputnik India (@Sputnik_India) October 17, 2024

Reserve Shift Underway

Washington has shown opposition to any financial infrastructure independent of the dollar-based system. The U.S. administration has even cited Brazil’s Pix as an argument for the imposition of tariffs, a sign of how sensitive the issue has become.

The statistics, however, point to a progressive change in the global panorama. A recent study by the Official Monetary and Financial Institutions Forum, a research center based in London, found that for the first time the number of global central banks projecting a decrease in their dollar reserves exceeds those contemplating increases over the next ten years.

The dollar still stands as the main reserve currency worldwide. Its share, nevertheless, has declined continuously, from 71 percent in 2001 to slightly above 50% last year. The trend line matters as much as the current level.

China Is Building Global Gold Vaults Network For BRICS Payment System, The Official Alternative To SWIFT

BRICS Is Indeed Preparing A New Financial Infrastructure To Bypass SWIFT. The payment system will be backed by Gold.

All BRICS central banks have run pilots with Ripple… https://t.co/qdqGsh4wGd pic.twitter.com/9EIETwbzFN

— Stellar Rippler (@Stellar_Rippler) August 25, 2026

The New Delhi summit will be the venue to assess the next steps of BRICS Pay. In the meantime, central banks across the world keep reviewing their long-term strategies, and the debate over payment infrastructure moves from technical circles to the political agenda.

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