RT
The five major emerging economies - Brazil, Russia, India, China, and South Africa - are developing a joint new payment system called BRICS Pay, the Russian media has reported.
BRICS countries want to create a special online wallet to integrate the payment systems of its five member states, Izvestia said on Friday citing the Russian Direct Investment Fund (RDIF). Russia's wealth fund is reportedly working on the project alongside its partners from China and India, who have the necessary technologies to launch the system.
The service will be similar to existing Apple Pay and Samsung Pay, allowing users to pay with a smartphone app no matter what currency the customer's account is linked to. A special cloud platform is to be created to link BRICS countries' national payment systems.
Read more
The five major emerging economies - Brazil, Russia, India, China, and South Africa - are developing a joint new payment system called BRICS Pay, the Russian media has reported.
BRICS countries want to create a special online wallet to integrate the payment systems of its five member states, Izvestia said on Friday citing the Russian Direct Investment Fund (RDIF). Russia's wealth fund is reportedly working on the project alongside its partners from China and India, who have the necessary technologies to launch the system.
The service will be similar to existing Apple Pay and Samsung Pay, allowing users to pay with a smartphone app no matter what currency the customer's account is linked to. A special cloud platform is to be created to link BRICS countries' national payment systems.
Read more
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