Within the framework of the BRICS Business Forum in Moscow on October 17-18, 2024, the BRICS Pay was launched, it aims to facilitate the resolution of settlement issues using national currencies. This system will become a reliable tool for the mutual visits of citizens from both BRICS member countries and other non-BRICS nations.
At the BRICS Business Forum in Moscow, attendees had the opportunity to test the system under real-world conditions. Each participant received a promotional card with a one-time QR code, which they could use to top up their wallet in the BRICS Pay app and then make payments at participating World Trade Center (WTC) outlets. This allowed attendees to experience the functionality and ease of use of the BRICS Pay system fi rsthand. During the two-day event, over 4,000 attendees signed up for the app and many made purchases using it at WTC locations.
BRICS Pay for Retail is a payment system that uses QR code technology. It will initially allow foreign tourists and entrepreneurs to easily pay for goods and services in Russia with Visa and Mastercard cards. BRICS Pay will establish a standardized connection between national payment methods and commercial payment systems in BRICS+ countries. The system will integrate with existing national payment systems in the future, allowing users to make payments in their local currency using smartphones, eliminating the need for currency conversion. This is particularly benefi cial for tourists and entrepreneurs who often encounter high fees for currency exchange.
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