Official announcements from individual BRICS countries or BRICS organization

BRICS Unveils 'BRICS Pay' Supporting Gold as Putin Highlights $60 Trillion GDP

Oct 18, 2024, 09:02 AM

Russia and other BRICS nations have unveiled a demo of their new payment system, BRICS Pay, aiming to reduce reliance on the U.S. dollar and challenge Western financial dominance. At a BRICS working group meeting held at the World Trade Center in Moscow, a prototype of the BRICS Pay card was presented, with attendees testing the system using 500-ruble demo cards to highlight its simplicity and security. The payment system, which supports gold as a payment option, is intended to facilitate cross-border transactions among BRICS nations and is seen as a step towards economic autonomy ahead of the upcoming BRICS summit in Kazan, Russia. Russian President Vladimir Putin, speaking at the BRICS Business Forum, highlighted that the combined GDP of BRICS countries now exceeds $60 trillion, surpassing that of the G7 nations, and is projected to grow at 4% by the end of 2024, outpacing the global average of 3.2% and the G7's growth rate of 1.4%. Putin emphasized that BRICS, which accounts for over 40% of the world's population, aims for development and prosperity and is not directed against anyone.