A BRICS payment network could help the bloc expand local-currency trade and reduce reliance on Western financial channels, but building trust and common rules remains a major challenge, according to an executive of the BRICS Business Council.
BRICS Payment System Faces Trust Hurdle
A unified payment system for the 11-member BRICS bloc is achievable, but member countries must first agree on transaction safeguards, data security and cross-border financial rules, Ziaad Suleiman, chair of the Digital Economy Working Group, South Africa Chapter, BRICS Business Council, said.
"A unified payment system for BRICS is certainly achievable. What we need is the right level of trust and an appropriate framework," Suleiman told BusinessLine.
He said countries would need confidence that financial data is protected and transactions are secure, while also understanding how businesses and financial institutions operate across member economies.
