The BRICS group of countries has begun testing its innovative payment system, called BRICS Pay, as part of a business forum held in Moscow, Russia. The system involves a card linked to a web application that allows users to make payments using QR codes.
The test cards delivered contain a 500-ruble gift voucher to be used on the forum premises on October 17 and 18, Telesur reported. The launch of BRICS Pay marks a milestone in the organisation's history, as it meets the goal set in 2019 of creating its own payment system that facilitates transactions between member states using their respective official currencies. The new system also aims to reduce reliance on the US dollar.
The launch of BRICS Pay marks a milestone in the organisation's history, as it meets the goal set in 2019 of creating its own payment system that facilitates transactions between member states using their respective official currencies. The new system also seeks to reduce reliance on the US dollar.
Venezuela aspires to become a full member of BRICS. In Venezuela, the government has expressed interest in joining the BRICS group. Executive Vice President Delcy Rodriguez indicated at an event with the petrochemical sector that President Nicolas Maduro is "fighting" for the country's acceptance as a full member of the bloc. According to Rodriguez, the BRICS represents a "new world" based on international relations without "vassalage," "blackmail" and "extortion." The implementation of BRICS Pay seeks to strengthen economic cooperation among members, as well as offer a secure and efficient platform for managing international payments, tailored to each country's needs and conditions.