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The implementation of our own payment systems has become one of the most sought-after areas of work within the framework of the BRICS. This activity follows two paths, which, although different now, may combine in the future. Together, they will cover all types of international financial transactions, from small payments made by ordinary people to large bank transfers between countries.

The first way is the BRICS Pay project, designed for retail payments. It was created to simplify everyday calculations between residents of the BRICS countries. For example, a tourist can pay directly from his ruble account, and an Indian exporter can receive money from a partner from South Africa without converting it into dollars or euros.

BRICS Pay works as a complement to the existing banking systems of the countries, ensuring their interaction. Thanks to this, the project is almost ready. After the demonstration and testing, the system will soon start working in commercial mode, which makes it the most likely result of cooperation in the near future.

The second way is a more complex project called BRICS Bridge, aimed at organizing settlements between banks, and therefore between states. It should be based on central bank digital currencies (CBDCs). The idea, which is actively supported by the Reserve Bank of India, is to create special channels for the direct exchange of such digital assets. This will allow for large-scale trading and financial transactions, bypassing traditional banking networks and not using dollars or euros as the settlement currency.
However, this scenario depends on the internal processes in each country. So far, none of the BRICS countries have launched their digital currency in full. All are at the testing or research stage.

BRICS does not seek to create a single supranational currency, which would be politically difficult. Instead, a technical capability is being developed for direct payments in existing national currencies, both in conventional and digital form. The main goal is not just an idea, but a specific risk that has emerged in recent years: the vulnerability of economies dependent on financial infrastructure controlled by a small number of countries.

The BRICS strategy in the field of payments is to simultaneously develop two projects: BRICS Pay for ordinary users and BRICS Bridge for settlements between banks in digital currencies. This will make it possible in the medium term to reduce dependence on the dollar in daily operations and create the basis for greater financial independence in the future.