NEW DELHI, September 11. /TASS/. The Russian Direct Investment Fund (RDIF), BRICS Pay JSC, and BRICS Pay India have agreed to partner to develop the BRICS Pay project in India and collaborate on cross-border payments within the BRICS framework. The announcement was made during Russian President Vladimir Putin's visit to India. The 18th BRICS Summit will be held in New Delhi on September 12-13.
"The parties' cooperation is aimed at exploring opportunities for integrating the BRICS Pay project with India's payment infrastructure, as well as preparing potential pilot projects and subsequently launching cross-border payment services. The initiative is designed to foster the development of an open, resilient, and technologically independent cross-border payment infrastructure capable of facilitating trade and investment flows between BRICS nations, including through the use of national currencies," the RDIF statement said.
The BRICS Pay JSC will serve as the technology partner, participating in the development of technical solutions, technology adaptation and localization, and the preparation of pilot projects. The BRICS Pay India will act as the business and coordination partner in India, facilitating engagement with banks, payment organizations, merchants, and other Indian market participants.
