New Payment Service BRICS Pay

 

Visa and Mastercard Cards to Work in Russia: What is Known About the New Payment Service BRICS Pay

The BRICS Pay cashless payment system, using QR codes for foreigners, may be launched in Russia by the end of this year.
The BRICS Pay app will be available on the App Store and Google Play, and for now, it can be installed via the Safari browser. To sign up, users will need to enter their phone number and link a bank card.
To make a purchase, one just needs to scan the QR code at the checkout or create one within the app.

A unique feature of BRICS Pay is its compatibility with Visa and Mastercard, despite their withdrawal from Russia in 2022. In the future, it will also support linking Mir cards.
BRICS Pay will be accessible to citizens of any country, including those outside the BRICS alliance. However, initially, the focus will be on popular tourist destinations for Russians, with discussions already underway on this topic.

BRICS Pay will also be a convenient tool for migrant workers: they will be able to fund their cards through a Russian bank, allowing their relatives back home to use the funds.
Recently, the Russian Ministry of Finance and the Central Bank presented a report with ideas to improve the international monetary system, proposing direct cross-border transfers between BRICS country banks and the creation of a BRICS Clear system for securities settlements.

Officials believe such measures could reduce payment expenses between BRICS countries by $30 billion annually and increase the GDP of developing countries by 0.5–1%.
The report is expected to be discussed in greater detail at the ongoing BRICS summit in Kazan.