Cross-Border
What is BRICS Pay? The BRICS Bloc's Cross-Border Payment Platform
BRICS Pay is the BRICS bloc's blockchain-based cross-border payments platform integrating member CBDCs and non-USD stablecoins.
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BRICS Pay is a cross-border payments platform promoted by the BRICS bloc (Brazil, Russia, India, China, South Africa), expanded in 2024 with the UAE, Egypt, Ethiopia, and Iran. Its stated goal is to reduce dependence on SWIFT and the US dollar in intra-BRICS trade.
Technically BRICS Pay combines a permissioned blockchain layer for messaging and settlement with links to members' CBDCs and instant payment systems (e-CNY, Russia's SPFS, Pix, UPI). The platform also supports BRICS-currency-denominated stablecoins — notably digital renminbi — and a non-circulating common unit of account (the BRICS unit) has been discussed.
By 2026 BRICS Pay is in commercial pilots between Russia, China, and Iran, with the 2024 Kazan BRICS summit setting the rollout roadmap. The US Treasury has flagged it as a potential sanctions-evasion vehicle, which has slowed adoption by members like India and Brazil.
BRICS Pay is a key piece in the broader debate on international monetary system fragmentation and gradual trade de-dollarization.
Key facts
- •Bloc expanded in 2024 (UAE, Egypt, Ethiopia, Iran)
- •Formal roadmap set at the 2024 Kazan summit
- •Permissioned blockchain + native CBDCs + stablecoins
- •Live commercial pilots between Russia, China, and Iran in 2026
- •Goal: reduce SWIFT and USD dependence
- •Flagged by US Treasury as sanctions risk
- •India and Brazil taking a more cautious stance