By Peace Udugba -The daily torch media.
Member nations of the BRICS are advancing discussions on a proposed digital payment system known as “BRICS Pay,” aimed at strengthening financial cooperation and reducing reliance on the U.S. dollar in global trade.
According to a report by Al Jazeera on Saturday, April 18, 2026, the initiative is designed to create a unified digital payment framework that would facilitate cross-border transactions among member countries using alternative financial systems.
Officials involved in the discussions say the platform could enable participating nations to trade using their local currencies or a shared digital unit, potentially bypassing the need to settle transactions in dollars. The move reflects a broader push by BRICS countries to build a more independent financial ecosystem.
The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa, alongside newly admitted partners—has increasingly called for reforms to the global financial system. Leaders argue that existing structures tend to favor Western economies, particularly in areas such as trade settlements and access to international financial networks.
Experts note that the proposed system would likely leverage modern financial technologies to improve transaction efficiency, reduce costs, and streamline trade flows between member states. It could also serve as a buffer against external economic pressures, including sanctions and currency volatility linked to the dollar.
While still under development, BRICS Pay represents a significant step in the bloc’s ongoing efforts to reshape global financial dynamics and promote greater economic self-reliance among its members.
