BRICS countries will have a unified payment system
The countries included in the BRICS group — Brazil, Russia, India, China and South Africa — are working on the creation of a new unified payment system. It will be called BRICS Pay.
The newspaper reports on the development of this system "News", which received relevant information from the Russian Direct Investment Fund (RDIF). This organization is the coordinator of the working group on financial services of the BRICS Business Council on the Russian side.
The fund’s press service said that RDIF portfolio companies, as well as Indian and Chinese partners, have Technologynecessary to translate this project into practice.
It is expected that with the help of BRICS Pay it will be possible to pay for a purchase in any state that is part of the BRICS. Most likely, it will be an electronic wallet that combines the payment systems of the states that are members of the group. Currently, all of them, with the exception of South Africa, have their own national payment systems.
BRICS Pay would significantly reduce dependence on transnational systems. In an unstable environment political situation is very important.
According to Oleg Preksin, vice president of the Association of Russian Banks, a mobile application for a smartphone will be created. With it, it will become possible to pay for purchases in any BRICS country, regardless of which currency the buyer has.
This service will work similarly to systems such as Samsung Pay or Apple Pay. It is planned to create a cloud platform that will connect the national payment systems of the BRICS countries. A pilot project in April this year may be launched in the Republic of South Africa. Moreover, other participants can connect to the system.
The newspaper reports on the development of this system "News", which received relevant information from the Russian Direct Investment Fund (RDIF). This organization is the coordinator of the working group on financial services of the BRICS Business Council on the Russian side.
The fund’s press service said that RDIF portfolio companies, as well as Indian and Chinese partners, have Technologynecessary to translate this project into practice.
It is expected that with the help of BRICS Pay it will be possible to pay for a purchase in any state that is part of the BRICS. Most likely, it will be an electronic wallet that combines the payment systems of the states that are members of the group. Currently, all of them, with the exception of South Africa, have their own national payment systems.
BRICS Pay would significantly reduce dependence on transnational systems. In an unstable environment political situation is very important.
According to Oleg Preksin, vice president of the Association of Russian Banks, a mobile application for a smartphone will be created. With it, it will become possible to pay for purchases in any BRICS country, regardless of which currency the buyer has.
This service will work similarly to systems such as Samsung Pay or Apple Pay. It is planned to create a cloud platform that will connect the national payment systems of the BRICS countries. A pilot project in April this year may be launched in the Republic of South Africa. Moreover, other participants can connect to the system.
- blockchainevents.ru
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