The coalition of Brazil, Russia, India, China and South Africa (BRICS) are to create an independent payment system called BRICS pay.
The BRICS states want to create a distinctive online payment wallet to integrate a payment system of the five countries. Izvestia said on Friday citing the Russian Direct Investment Fund (RDIF). It is reported that Russia wealth fund with partners from China and India, who have the technological capabilities to launch the system.
According to Russia media, the online payment platform will be similar to Apple Pay and Samsung Pay. It will be made to link the countries national payment systems.
The BRICS payment system is set to decrease the dependence of the bloc on transnational payment organizations. The central banks of BRICS countries, as well as the Shanghai Cooperation Organization (SCO) and the Russia-led Eurasian Economic Union (EEU), have been working on developing a joint payment space, as reported by RT.com.