BRICS Pay

History

2024: Product Demo Announcement

On October 17, 2024, demo versions of cards of the BRICS Pay payment system were shown in Moscow. This is a decentralized and independent platform developed by the BRICS member states.

The demo cards shown have a two-sided design. On the front side there is a QR code that allows you to credit gift 500 rubles through the payment system application. On the back it says that this is "a layout of a bank card that will be associated with the BRICS Pay application." The application itself opens in web mode - through a browser, thanks to which it can be used on any device. An email address is required to register. In the future, mobile versions of the program for Android and iOS will appear.

The system for cashless payment using a QR code for foreigners BRICS Pay can earn in Russia by the end of 2024. According to RBC, this was stated by the head of the BRICS Payments and Fintech target subgroup of the Russian part of the Financial Services working group of the BRICS Business Council Andrei Mikhailishin. It is assumed that the BRICS Pay service will allow you to pay with Visa and MasterCard cards within Russia, and in the future - with a Mir card outside the Russian Federation.

Mikhailishin said that work on the launch of BRICS Pay is underway with Russian banks that have their own acquiring. At the same time, two models of transactions are considered: either the QR code will be generated in the POS terminal, by analogy with the SBP, and it can be considered an application, or the BRICS Pay infrastructure will be integrated directly into cash software.

We plan to launch the system for Russians in the first half of next [2025] year, primarily in tourist countries. There is already good relations on this issue with Turkey, Egypt, it is also Sri Lanka, Maldives, "Mikhailishin said.[1]

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