BRICS Pay – Legitimate Challenge or Doomed to Fail?
Following the BRICS summit that was held in Russia in late October 2024, the concept of BRICS Pay has again moved into the spotlight. BRICS Pay is a proposed international payments system being created by a consortium of BRICS members, to rival the dominance of the US dollar in international payments. Russian President Vladimir Putin called directly for the system to be developed and implemented at the summit, to prevent “the dollar being used as a weapon.”
Why The Need for an Alternative?
For some time, the US dollar has been the default instrument for international payments, given the US economy’s importance to the world in terms of trade. A significant volume of all cross-border payments is carried via SWIFT; a messaging network that initiates international payments.
The challenge that certain countries, such as Iran and Russia have faced is that when international sanctions led by the US are applied, this can restrict access to the SWIFT system and other international payment systems, which can have a highly disruptive impact on the economies involved. For example, after the Russian invasion of Ukraine, Visa and Mastercard payment systems were switched off within Russia; creating difficulties.
The risk therefore with the current international payment framework is that it is subject to political considerations within Western countries, which will be seen as undesirable and a restriction on the sovereignty of many countries.
How Would BRICS Pay Work?
BRICS Pay would be built around the concept of financial sovereignty; creating an alternative system that cannot be switched off or restricted by the US or EU.
The concept is to create a fully independent network of financial institutions for cross-border payments; enabling BRICS members to conduct trade without interruptions. The envisioned system would include an interoperable retail QR code payments system, a B2B payments system, a cryptocurrency, a loyalty system for tourism and an international digital system for the settlement of cross-border securities.
What Prospects Does BRICS Pay Face?
Challenging the established cross-border payments system with a completely new framework is a daunting challenge. SWIFT is well established; connecting over 200 countries and territories, and connecting over 11,000 institutions. Scaling a competitor will require a significant amount of effort to build a system. This will include rolling out solutions to a large number of members, and testing functionality with a broad range of payment systems and banking software stacks. From a technical standpoint, this is challenging.
From a political standpoint as well, there are formidable challenges. BRICS is not entirely aligned as a group with the objective for reducing the importance of the dollar. Brazil and India in particular have expressed reservations around the system. This is unsurprising, given that these economies, which are experiencing rapid growth, have strong economic ties to the US and Europe. Creating BRICS Pay solely to pursue an anti-Western strategy and to embolden Russia and China is not in the interest of these countries, particularly for India, which has its own geopolitical challenges with China.
Therefore, getting off of the ground with a system will be a challenge, particularly one involving all BRICS members, from both a political and technical point of view.
However, the task is not impossible. The current cross-border payments landscape is quite challenging, with cross-border transactions being slow, expensive and difficult to track. Even outside of the sovereignty argument, there is genuine enthusiasm for alternative cross-border solutions. The countries involved represent 26% of global GDP (USD$ Current), meaning that there is a significant opportunity to address.
Rapid economic growth in these countries will mean that these opportunities will continue to grow. This will be particularly important as BRICS looks to expand, with the inclusion of a further group of countries which are shortly going to be added to BRICS, including Cuba, Bolivia, Thailand, Vietnam, Malaysia, Indonesia, Belarus, Turkey, Nigeria, Uganda, Kazakhstan and Uzbekistan.
What Can We Expect?
Fundamentally, the value of an alternative cross-border payments system for BRICS is high, so we do expect a viable system to emerge eventually. However, given the different countries and political goals involved, we anticipate that the process of implementing the system will be torturous. We also anticipate that many of the countries involved would only selectively use the systems, limiting its immediate impact.
What is clear however, is that as the sovereignty of payments only grows in importance, we will see greater than ever interest in alternative payment systems to challenge the established order.
Latest research, whitepapers & press releases
-
ReportOctober 2025Telecoms & Connectivity
Travel SIMs & eSIMs Market: 2025-2030
Our comprehensive Travel eSIMs research suite comprises detailed assessment of a market undergoing rapid growth. It provides insight into how travel eSIM providers can differentiate their services to maximise success in the market over the next two years.
VIEW -
ReportOctober 2025IoT & Emerging Technology
Direct to Satellite Market: 2025-2030
Juniper Research’s Direct to Satellite research suite provides satellite providers, investors, and partners, such as Mobile Network Operators, with an extensive analysis and insights into the direct to satellite market.
VIEW -
ReportSeptember 2025Fintech & Payments
Instant Payments Market: 2025-2030
Juniper Research’s Instant Payments research suite provides a wide-ranging and strategic analysis of this market; enabling stakeholders - from banks, infrastructure providers, regulators, and businesses - to understand future growth, key trends, and the competitive environment.
VIEW -
ReportSeptember 2025Fintech & Payments
Anti-money Laundering Systems Market: 2025-2030
Our AML Systems research suite provides a detailed and insightful analysis of this evolving market; enabling stakeholders from financial institutions, law enforcement agencies, regulatory bodies and technology vendors to understand future growth, key trends, and the competitive environment.
VIEW -
ReportSeptember 2025Fintech & Payments
A2A Payments Market: 2025-2030
Our A2A Payments research suite provides detailed analysis of this rapidly changing market; enabling A2A payments service providers to gain an understanding of key payment trends and challenges, potential growth opportunities, and the competitive environment.
VIEW -
ReportSeptember 2025Telecoms & Connectivity
Mobile Messaging Fraud Prevention Market: 2025-2030
Our Mobile Messaging Fraud Prevention research suite provides a detailed and insightful analysis of a market set for significant disruption over the next five years. It enables stakeholders from mobile operators, enterprises, and mobile messaging fraud prevention vendors to understand how the market for mobile messaging fraud will evolve, as well as the impact of AI, RCS, and the evolving competitive environment.
VIEW
-
WhitepaperOctober 2025IoT & Emerging Technology
Beam Me Up: The Direct to Satellite Revolution
Our complimentary whitepaper, Beam Me Up: The Direct to Satellite Revolution, evaluates the future key services that satellite providers must offer in the direct to satellite market.
VIEW -
WhitepaperSeptember 2025Fintech & Payments
Core Banking Transformation - A Strategic Conversation with SAP Fioneer
Core banking transformation is no longer optional, as regulatory change, rising compliance costs, and shifting customer expectations make legacy systems unsustainable. Anna Koritz, Global Head of Transaction Banking at SAP Fioneer, shares how banks can overcome cultural and technical hurdles and why SAP Fioneer’s modular, cloud-ready approach enables confident modernisation.
VIEW -
WhitepaperSeptember 2025Fintech & Payments
From Detection to Prevention: The Next Era of Anti-money Laundering
Our complimentary whitepaper, From Detection to Prevention: The Next Era of Anti-money Laundering, examines the state of the AML systems market; considering the impact that a changing regulatory environment and a growing number of use cases is having on the market. Additionally, it includes a forecast summary of the total value of the AML systems market in 2030.
VIEW -
WhitepaperSeptember 2025Fintech & Payments
3 Key Trends Driving Instant Payments
Our complimentary whitepaper, 3 Key Trends Driving Instant Payments, assesses how key trends are driving the evolution of the instant payments market, and which challenges these resolve. Additionally, it includes a forecast summary of the global transaction values via instant payment schemes by 2029.
VIEW -
WhitepaperSeptember 2025Fintech & Payments
Ascending-to-Ailing: The Deceleration of A2A Adoption
Our complimentary whitepaper, Ascending-to-Ailing: The Deceleration of A2A Adoption, examines the state of the A2A payments market; considering the impact of this payment method and how it is shaping the modern payments landscape through lower fees and enriched user experience.
VIEW -
WhitepaperSeptember 2025Telecoms & Connectivity
RCS Fraud: Emerging Threats in Next-gen Messaging
Our complimentary whitepaper, RCS Fraud: Emerging Threats in Next-gen Messaging, examines the future of the messaging fraud prevention market, with a particular focus on the latest trends within RCS Business Messaging (RBM). Additionally, it includes a forecast summary of the total cost of fraud over RBM to subscribers in 2030.
VIEW
-
IoT & Emerging Technology
Satellite Broadband Market to Break $20 Billion by 2030, as Satellite Constellations Disrupt Established Services
October 2025 -
Fintech & Payments
Subscription Economy to Reach $1.2 Trillion by 2030 Globally, Despite Increasing Subscription Fatigue
October 2025 -
Fintech & Payments
AML Systems Market to Surpass $75 Billion by 2030 Globally, With LexisNexis Risk Solutions, Oracle, and Experian Leading the Defence
September 2025 -
Fintech & Payments
Instant Payments to Exceed $110 Trillion by 2029 Globally, Accelerated by European Regulation & FedNow Impact
September 2025 -
Fintech & Payments
B2B Payments to Hit $224 Trillion by 2030 Globally, Driven by Emerging Market Expansion
September 2025 -
Fintech & Payments
A2A Transaction Value to Reach $195 Trillion in 2030 Globally, Driven by Advanced Value-added Services
September 2025