In a move that could reshape the foundations of international commerce, the BRICS economic bloc—now expanded to include Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Ethiopia, Iran, and Indonesia—unveiled BRICS Pay in August 2025 at its summit in Kazan, Russia. This digital payment platform, inspired by the remarkable success of Brazil’s Pix system, aims to revolutionize cross-border transactions by enabling payments in local currencies and reducing dependence on the U.S. dollar.
BRICS Pay is more than just another fintech solution; it represents a bold assertion of financial autonomy by a coalition of nations seeking to tip the scales of global trade. According to reporting by MixVale, the system is built on the Decentralized Cross-border Messaging System (DCMS), a blockchain-based infrastructure developed by Saint Petersburg State University. Capable of processing up to 20,000 messages per second, DCMS allows for decentralized, secure, and lightning-fast transactions between central banks and financial institutions across member countries.
The timing of this launch is no accident. With Western sanctions tightening and the dollar still dominating 84% of global transactions, BRICS countries have been searching for ways to insulate themselves from external economic pressures. The platform’s key objectives are clear: cut the dollar’s dominance, allow transactions in local currencies like the real, yuan, and rupee, and boost the competitiveness of member exports by streamlining payments and lowering costs.
Brazil’s influence in this project is unmistakable. The country’s Pix system, introduced in 2020, has rapidly transformed domestic payments—by the first quarter of 2025, Pix accounted for 49% of all non-physical transactions in Brazil, totaling an eye-popping R$7 trillion. Pix’s instant, low-cost, 24/7 transfers provided the blueprint for BRICS Pay, and Brazil now finds itself at the center of efforts to integrate similar systems across the bloc. Economist Carla Beni of Fundação Getulio Vargas points out that “Pix’s technology can be adapted for international transactions, minimizing technical barriers.”
Integration is no small feat. The bloc is working to connect Brazil’s Pix, Russia’s SBP, India’s UPI, China’s IBPS, and South Africa’s PayShap—each a powerhouse in its own right. For example, Pix is projected to process 227 million daily transactions in September 2025, while Russia’s SBP and India’s UPI have each built massive user bases. The goal is a seamless, real-time network that allows businesses and governments to transact directly in their own currencies, without the friction and expense of converting to dollars.
Brazilian leadership is front and center. President Luiz Inácio Lula da Silva has championed the platform as a path to “greater economic sovereignty,” and the country is poised to assume the BRICS presidency in 2026, where it will play a pivotal role in overcoming technical and tax-related barriers. Foreign Minister Mauro Vieira, speaking at the 2025 summit, emphasized the need for a payment system that promotes autonomy and fair representation for all member nations.
But this ambitious project has not gone unnoticed in the West. The United States, in particular, has voiced strong concerns. According to MixVale, former U.S. President Donald Trump threatened 100% tariffs on nations abandoning the dollar, a move that has only heightened geopolitical tensions. Western policymakers see BRICS Pay as a direct challenge to the dollar’s privileged status and to the SWIFT system, which currently underpins most global financial messaging.
Not everyone is alarmed, however. Russian economist Sergey Glazyev described BRICS Pay as a “step toward financial sovereignty for the Global South.” In Brazil, the system is seen as an opportunity to expand exports—especially in agribusiness, mining, and energy—by opening up direct access to markets like the UAE and Iran, which have high demand for food and fuel. Eliminating the need for dollar conversions could lower export costs and attract new investment, a prospect that excites many in the Brazilian business community.
Indonesia’s entry into BRICS and the rollout of BRICS Pay has also drawn international attention. Australian developer Jamie McIntyre, who has invested extensively in Indonesia, recently praised the country’s decision to join the bloc. In a statement reported by ANR News, McIntyre called Indonesia’s move “a vital step toward a multipolar world,” arguing that BRICS strengthens national sovereignty, promotes fair global trade, and allows member nations to transact in their own currencies—or even a future BRICS currency. He believes this will reduce reliance on the U.S. dollar, which he criticized for being “printed without asset backing by a global banking cartel, distorting markets and devaluing money worldwide.”
McIntyre also highlighted Indonesia’s projected rise to the world’s fourth-largest economy by 2050, praising its “vibrant population with traditional values” and its status as the largest Muslim-majority nation. He described Indonesia as “a shining example of a happy, peaceful, and tolerant society that embraces Christians and other faiths alike,” and condemned recent negative remarks by the Israeli Prime Minister against Indonesia’s President. McIntyre added, “Indonesia has every right to defend its role in the world and stand up for Muslim communities globally.”
His comments reflect a broader optimism about Indonesia’s future within BRICS. McIntyre, who calls himself a “compassionate capitalist,” sees Indonesia as well-positioned to benefit from the decline of Western economies by attracting foreign capital and intellectual property. He even welcomed Indonesia’s closer ties with Russia, including potential military partnerships, and dismissed concerns from Australia as “feigned outrage.”
For all its promise, BRICS Pay faces significant challenges. Harmonizing financial regulations, tax policies, and currency values across such a diverse group of countries is a daunting task. As Professor Marco Aurélio dos Santos Sanfins of the Federal Fluminense University notes, “tax and currency parity issues are critical.” There are also concerns about the potential for China, the bloc’s largest economy, to exert outsized influence, particularly as it seeks to globalize the yuan. Brazil, for its part, is advocating for a multilateral approach that ensures benefits are shared equitably among all members.
Despite these hurdles, the potential impact of BRICS Pay is enormous. Economists project that by 2030, the platform could handle hundreds of billions of dollars in annual transactions, challenging the dominance of SWIFT and reshaping the global financial architecture. The New Development Bank, the bloc’s financial arm, is also planning a multilateral guarantee line to reduce risks in cross-border operations, further cementing BRICS Pay’s role in the emerging order.
With new members like Saudi Arabia potentially on the horizon, the BRICS coalition is poised to expand its reach even further. For Brazil and Indonesia, the system offers a chance to strengthen ties with the Global South, lower costs, and boost competitiveness at a time when the world’s economic and political landscape is in flux.
As the dust settles from the Kazan summit, one thing is clear: BRICS Pay is more than just a payment system—it’s a statement of intent. By forging their own path, these nations are signaling a desire for a more balanced, multipolar world where financial power is not concentrated in the hands of a few. Whether the platform will live up to its lofty ambitions remains to be seen, but its launch marks a turning point in the ongoing evolution of global trade.
