Payment alternatives within the BRICS can work in a couple of months

The creation of their own payment mechanisms will allow the BRICS countries to reduce their dependence on global technologies, experts say. 

In particular, the first alternative instruments can be introduced into the national payment system in a few months, and their full implementation may take up to six months. It is noted that the development of their own payment systems is an important step to ensure the economic diversification of the BRICS countries.

South African President Cyril Ramaposa has previously noted that it is time to use local currencies, alternative financial procedures and payment systems. The heads of the BRICS countries instructed the finance ministers to consider developing their own payment instruments and platforms. This, according to Ramaposa, will ensure the diversification of the economies of the alliance countries and ensure stability in the event of failures or disconnection of one of the payment instruments.

According to experts, the example of Russia shows that there are various options for developing alternative payment mechanisms, such as own payment cards, processing centers or fast payment systems. This will increase the stability of the economy by reducing dependence on specific payment systems and provide alternative solutions in case of problems.