Settlement power: BRICS to introduce independent payment systems

BRICS is working on the development of cross-border settlements and payment systems at the level of heads of state and relevant departments, Russian Ambassador to South Africa Roman Ambarov told Izvestia. The BRICS Pay and BRICS Clear initiatives could make transfers between the countries of the association faster and less dependent on external restrictions, the diplomat added. According to him, this area is especially relevant for Moscow and Pretoria. Experts believe that the new payment mechanisms will help circumvent Western restrictions, but their implementation will take time. In difficult geopolitical conditions, the Russian Mir system is also spreading, which is already operating in at least 14 countries.

Prospects for the development of the BRICS payment system

The BRICS countries, including at the level of heads of state, are discussing the introduction of independent cross-border payment mechanisms, including the BRICS Pay and BRICS Clear initiatives, Russian Ambassador to Pretoria Roman Ambarov told Izvestia. According to him, for unification, the topic of sustainable and independent settlement infrastructure is considered one of the elements of a broader discussion on the formation of a fair multipolar world order.

— These projects should not be perceived as a one-time replacement of existing financial channels. Rather, we are talking about the gradual development of additional tools that could make settlements between the BRICS countries faster, more accessible, more transparent and less dependent on external infrastructure constraints," the diplomat said.

According to him, this area is especially important for Russia and South Africa, since both countries are interested in ensuring that trade and investment do not face excessive transaction barriers. South Africa has been paying increased attention in recent years to making cross-border transfers cheaper and faster.

Recall that information about the preparation of BRICS Pay appeared in January 2026, although the BRICS Business Council launched the project back in 2018. It is designed to link national payment systems and, in the future, integrate the digital currencies of central banks, which will allow transactions to be carried out without the mediation of dollar clearing centers or Western services. The new payment system will have to help tourists as well — it may make it possible to pay with Visa and Mastercard cards inside Russia and, in the future, with the Mir card already outside its borders.

BRICS Pay will also reduce dependence on using the infrastructure of the Western payment system. However, the project is still a long-term prospect due to the growing number of Chinese projects on the internationalization of the yuan, Vasilisa Kuznetsova, an analyst at the Africa in the Focus of Russian Interests program at the MGIMO Institute of International Studies at the Ministry of Foreign Affairs of the Russian Federation, told Izvestia.

And there's happiness in money.: Uruguay wants to join the BRICS Bank

The agreement is under consideration by Parliament, the Russian Embassy confirmed.

BRICS Clear is an independent depository system aimed at enabling countries to invest in each other's economies without risks. We are talking about a system of securities within the association, similar to those that exist in the West, but whose use is limited to the Russian Federation and a number of other countries. BRICS Clear will allow Russia to attract capital from the Global South and safely invest in their economies. However, the project was launched relatively recently, and it is difficult to predict the exact timing of the system's creation, Kuznetsova concluded.

The association has grown significantly in recent years, now it consists of 10 countries, and the same number have the status of partners. The combined share of the BRICS countries in the global economy reached a record 39.2% by the end of 2025. The weight of the Western G7 group now accounts for only 28% of global GDP. The creation of independent payment systems is the next stage in the development of the BRICS, which will allow the members of this group to expand bilateral cooperation.

Development of relations between Russia and South Africa

One of the BRICS members and the main partners of the Russian Federation in Africa is the Republic of South Africa. The country is the leader on the continent in terms of nominal GDP and has an industrially developed economy. At the same time, there are problems with energy and logistics, and high levels of inequality and unemployment remain. By the end of 2025, the trade turnover between South Africa and the Russian Federation increased by 6.2% compared to the level of 2024 and amounted to $907.8 million. Russian exports are dominated by mineral fertilizers and wheat, while the main imports are fruits and diamonds.

The tourist flow is also growing: Russians made almost 42 thousand trips to South Africa last year, their number jumped by 35% to the level of 2024. At the same time, the share of tourists from Russia in the republic is still insignificant compared to other countries, as is the volume of trade turnover. However, it's not just limited to trading. In particular, Russian companies can expand their presence in the electric power industry, water supply, railway sector, medicine and pharmaceuticals, agricultural machinery, civil unmanned aircraft systems, as well as the food industry in South Africa.

The field of e—commerce may also be of interest for cooperation with Russia, primarily platforms that combine online stores, logistics and networks of pick-up points. Earlier, the combined company Wildberries & Russ announced its entry into the Ethiopian market. Given the growth of online commerce in South Africa, such solutions may also be in demand in the local market, while adapting to its specifics, Roman Ambarov emphasized.

Despite Pretoria's obvious desire to strengthen trade and economic ties with the Russian Federation, the problem of cross-border payments persists. Vsevolod Sviridov, Deputy Director of the HSE Center for African Studies, noted in an interview with Izvestia that the full implementation of the Mir system in South Africa remains unlikely due to the threat of Western sanctions. There are many international banks operating in the republic, and most South African credit institutions are very closely integrated into the Western-centric global financial system.

"We know the experience of Egypt, where there was an attempt, but they refused to implement it under the pressure of sanctions," the expert noted.

Zoom in on the timeline: new BRICS countries to start chairmanships after 2028

What are the challenges of unification and why the U.S. is creating new challenges

It should be recalled that restrictions against the National Payment Card System JSC, the operator of the Mir system, were introduced by the authorities of the United Kingdom, the United States and the EU.

According to him, Russia can help South Africa create its own sovereign payment infrastructure to reduce dependence on Visa and Mastercard. The methods include training officials, writing strategies and regulations.

Despite the obstacles, the Mir payment system is gradually expanding its presence in other countries. In particular, you can use Russian cards in Abkhazia, Belarus, Cuba and South Ossetia. Banks in Armenia, Azerbaijan, Venezuela, Vietnam, Iran, Kazakhstan, Laos, Myanmar, Nicaragua, Tajikistan cooperate with our payment system in one form or another. Tourists can withdraw cash, and in some cases, pay at retail outlets.

— As for the Mir payment system, there have indeed been comments in the public space about possible interest in its use abroad, including in the African context. It is important to understand that such issues require a thorough technical, legal and regulatory assessment, including compliance with national legislation, data protection and risk management," said the Russian Ambassador to South Africa. — At the same time, Russian and South African companies are constantly looking for sustainable, safe and economically viable ways to conduct cross-border operations.

The introduction of the Mir system in other countries is important for Russia, as it ensures financial sovereignty, stimulates outbound tourism and reduces dependence on Western financial infrastructure. In this way, Moscow offers partner countries a ready-made payment alternative, protected from external pressure. And the introduction of "Peace" in countries such as South Africa will signal that the system has become a global alternative to Western mechanisms.