The BRICS economic bloc, comprising Brazil, Russia, India, China, South Africa, and new members such as Egypt, United Arab Emirates, Ethiopia, Iran, and Indonesia, launched BRICS Pay in August 2025, a digital payment system based on Brazil’s Pix. Unveiled at the Kazan summit in Russia, the platform aims to facilitate international transactions in local currencies, reducing reliance on the U.S. dollar. Built on blockchain technology, the system promises fast, secure, and low-cost transfers, connecting central banks and financial institutions of member countries. The initiative responds to Western economic sanctions and the need for greater financial autonomy in global trade. Brazil, leveraging its Pix expertise, plays a central role in the project’s development, which could handle billions in transactions by 2030.
The creation of BRICS Pay marks a strategic step for the bloc, aiming to reshape global trade dynamics. Already in testing under China and Russia’s leadership, the platform integrates existing instant payment systems like Brazil’s Pix, Russia’s SBP, and India’s UPI, enabling transactions without dollar conversion.
- BRICS Pay objectives:
- Promote transactions in local currencies like real, yuan, and rupee.
- Reduce operational costs in international trade.
- Strengthen financial sovereignty against external sanctions.
- Boost export competitiveness for member countries.
Technology inspired by Pix
Launched by Brazil’s Central Bank in 2020, Pix has become a global benchmark for instant payments, handling 49% of non-physical transactions in Brazil in Q1 2025, totaling R$7 trillion. The platform enables 24/7 transfers with zero or low costs, revolutionizing the national financial market. Its technological framework, combining accessibility and efficiency, inspired BRICS Pay to create a similar solution for global trade.
Brazil leads the integration of Pix into the new system, drawing on five years of expertise. At the July 2025 summit, President Luiz Inácio Lula da Silva emphasized Pix’s potential for cross-border transactions, reducing technical and currency barriers. Economist Carla Beni from Fundação Getulio Vargas notes that Brazil’s technology can be adapted to meet the bloc’s needs, especially with the upcoming integration of Drex, Brazil’s digital real under development.
Brazil’s experience also attracts interest from new BRICS members like Egypt and the UAE, seeking to modernize their payment systems. Pix’s interoperability with other national platforms is seen as a key strength for BRICS Pay’s viability.
Blockchain as operational foundation
BRICS Pay uses the Decentralized Cross-border Messaging System (DCMS), developed by Saint Petersburg State University, capable of processing up to 20,000 transactions per second. Unlike SWIFT, controlled by Western institutions, DCMS operates decentrally, with each country managing its own node, ensuring greater independence.
The choice of blockchain technology ensures security and transparency in transactions. The system is designed to resist external interference, a critical factor for countries like Russia and China, facing sanctions since 2022.
- DCMS features:
- High processing capacity with low fees.
- Advanced encryption for data protection.
- Operation without reliance on a central controller.
- Open-source code planned post-testing phase.
Russia leads initial tests with bilateral transactions in rubles and yuan, while Brazil plans to integrate Pix by late 2026. The technology also supports digital currencies like Drex, expanding its potential applications.
Global reactions
The launch of BRICS Pay sparked tensions with Western powers, particularly the United States, where the dollar accounts for 84% of global transactions. Threats of 100% tariffs on nations adopting dollar-alternative systems, voiced by former President Donald Trump, heightened geopolitical debates. Still, Russian economist Sergey Glazyev argues that BRICS Pay is vital for the Global South’s financial sovereignty.
In Brazil, the system is seen as an opportunity to bolster sectors like agribusiness and mining, reliant on exports to China and India. Eliminating dollar conversion could reduce currency losses, making Brazilian products more competitive. Professor Marco Aurélio dos Santos Sanfins from the Federal Fluminense University highlights that the system can shield economies from external sanctions.
Countries like Saudi Arabia and Turkey, considering BRICS membership, view BRICS Pay as a chance to diversify trade transactions. The initiative also strengthens the New Development Bank (NDB), which plans multilateral guarantees to mitigate financial risks.
Integration of national systems
BRICS Pay’s success hinges on connecting member countries’ instant payment systems. Beyond Pix, which records 227 million daily transactions in September 2025, the bloc aims to integrate Russia’s SBP, India’s UPI, China’s IBPS, and South Africa’s PayShap. This interoperability requires technical and regulatory harmonization, a challenge Brazil plans to lead during its 2026 BRICS presidency.
- Connected payment systems:
- Pix (Brazil): 227 million daily transactions, used by 150 million people.
- SBP (Russia): Supports transfers via phone numbers, adopted by 200 institutions.
- UPI (India): Unified interface, leading digital payments since 2010.
- IBPS (China): Enables yuan transactions across multiple channels.
- PayShap (South Africa): Emerging system focused on financial inclusion.
The digitization of national currencies, like Brazil’s Drex, could streamline integration, enabling real-time transactions. Brazil’s Central Bank is testing Pix-Drex integration, with implementation expected by 2027.
Benefits for global trade
BRICS Pay promises to lower operational costs and boost export competitiveness. For Brazil, the platform opens markets like Iran and the UAE, which demand agricultural and energy products. Eliminating dollar conversion could reduce transaction costs, attracting investments and strengthening trade partnerships.
Economists project that by 2030, the system could handle up to 20% of global trade, challenging SWIFT’s dominance. The initiative also bolsters the New Development Bank, which plans to fund infrastructure and energy projects in the Global South, reducing reliance on institutions like the IMF.
The integration of digital currencies, such as China’s digital yuan and Brazil’s Drex, could expand BRICS Pay’s reach, drawing interest from non-member countries. China already tests digital yuan transactions with Hong Kong and Thailand, a model that could be replicated within BRICS.
Technical and geopolitical hurdles
Implementing BRICS Pay faces significant barriers, including harmonizing financial systems across countries with distinct regulations. Tax policies and currency volatility are key challenges, experts note. Resistance from Western powers, particularly the U.S. and EU, could lead to trade retaliations.
- Key hurdles:
- Harmonization of fiscal and currency policies among members.
- Technical integration of national payment systems.
- Geopolitical pressures from Western countries.
- Risks of monetary fragmentation and exchange rate instability.
As the bloc’s largest economy, China may seek greater influence, raising concerns among members like India. Brazil maintains a balanced stance, advocating for a multilateral platform benefiting all countries. Its leadership will be pivotal during the 2026 BRICS presidency to address these challenges.
Brazil’s strategic role
Brazil emerges as a key player in BRICS Pay’s development, leveraging Pix’s expertise and Drex’s progress. Foreign Minister Mauro Vieira, at the 2025 summit, underscored the importance of a system promoting financial inclusion and representation. Brazil’s 2026 BRICS presidency will be critical for advancing the platform’s implementation.
The initiative also counters U.S. criticism, which has investigated Pix for allegedly harming companies like Visa and Mastercard. Integrating Pix into BRICS Pay strengthens Brazil’s financial sovereignty, positioning it as a leader in Global South financial innovation.
