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BRICS countries developing unified payment system

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BRICS countries developing unified payment system



BRICS Pay payment service will link the systems of the member countries of the group and will make it possible to pay for purchase in national currency in any BRICS country, regardless of the currency of the account. The developers are convinced that unified payment service will be independent of transnational payment structures and will secure the financial systems of the five BRICS countries and their citizens in a period of international tension, Izvestia informs. 

Probably, an online wallet, which will combine payment systems of Russia, Brazil, India, China and South Africa, will be created as part of the project. Member of the working group developing BRICS Pay, Vice-President of the Association of Russian Banks Oleg Preksin told. The user installs a mobile application, which gives the opportunity to pay for goods and services in local currency of any country of the group. Large business is also interested in protecting transfers and other financial transactions from possible sanctions.

Head of the Chamber of Commerce and Industry Sergey Katyrin told that the unification of payment systems of BRICS countries is perceived by members of the union as one of the main areas of cooperation. The excitement and poor predictability of financial markets and dollar exchange rate are pushing them towards this. Discussion of technical issues of the project will be completed in a short time. 

All BRICS countries except South Africa have their own payment systems. Mir has been operating in Russia for several years, and owners of 50 million cards are connected to it. 

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