During the 2024 BRICS Summit, Chinese President Xi Jinping made a landmark announcement, unveiling the bloc’s plans to introduce the BRICS Pay system, a revolutionary payment platform aimed at enhancing economic cooperation and autonomy among member nations.
Xi emphasised the need for BRICS to lead global efforts in reforming the international financial architecture.
Watch:
“There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power,” Xi declared.
The BRICS Pay system will serve as a key tool for facilitating cross-border transactions, reducing reliance on traditional Western-dominated financial systems, and promoting greater financial independence within the bloc.
Read More: Putin Unveiled Symbolic ‘BRICS Banknote’ at Kazan Summit
The introduction of this payment system comes at a pivotal moment for BRICS, which has been seeking alternatives to the U.S. dollar for trade and financial transactions. By launching BRICS Pay, the group aims to build a more resilient and multipolar global financial system, one that provides emerging economies with greater control over their financial policies and trade mechanisms.
The 2024 BRICS Summit is expected to be one of the most significant in the bloc’s history, following last year’s expansion that brought in four new members for the first time since 2001.
With the unveiling of the BRICS Pay system, this year’s event marks a critical step in BRICS’ efforts to reshape global financial systems and promote economic sovereignty among its members.
As BRICS continues to expand its influence, the new payment system is seen as a major milestone in the bloc’s journey toward establishing a more equitable global financial order. The announcement is expected to have far-reaching implications for international trade and economic relations.