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BRICS Pay is not currently established as a single, bloc-wide payment network operating across BRICS countries. The name appears in BRICS Business Council material for an entrepreneurial effort to connect national and commercial payment methods. Separately, BRICS leaders have directed officials to keep exploring cross-border payment mechanisms and interoperability. As of the September 12, 2026 New Delhi Declaration, that work remains in progress—not a confirmed launch of a unified replacement for SWIFT.
BRICS initiatives could eventually offer useful alternatives on particular payment routes. But current evidence does not show that they match SWIFT’s global institutional reach or operate as a worldwide substitute.
What is BRICS Pay?
“BRICS Pay” is a label used in the BRICS Business Council’s 2025 annual report for an entrepreneurial system intended to provide standardized connections between national and commercial payment methods in BRICS+ countries. The report says the Council’s Payments and Fintech Task Force has been discussing decentralized financial tools and technologies. It does not establish that a unified BRICS Pay network is live or describe a completed bloc-wide rollout.
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Other proposals are not the same system
The Business Council report describes BRICS Clear as a proposed cross-border securities settlement and depository platform. It also says the Russian Chapter presented a proposal for a decentralized cross-border messaging system (DCMS) in 2024. Those are distinct concepts—not evidence that a single BRICS Pay product combines payments, securities settlement, and messaging.
Nor do the available declarations establish that BRICS has launched a common currency. Local-currency settlement means using national currencies for transactions; it is not, by itself, a shared BRICS currency.
How is BRICS Pay different from SWIFT?
SWIFT is a financial messaging network and a set of standards that financial institutions use to exchange payment instructions and other financial messages. A messaging network does not itself constitute a currency, a shared settlement asset, or every country’s domestic payment system. A cross-border transfer can involve several separate functions:
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- Messaging: transmitting standardized instructions between institutions.
- Clearing and settlement: reconciling obligations and transferring value between institutions.
- Currency conversion and liquidity: sourcing the currencies needed and managing exchange-rate and funding requirements.
- Domestic delivery: moving funds through local payment systems so the recipient can access them.
A BRICS-linked service could connect national payment systems, support local-currency settlement, or provide another messaging option. It could therefore complement SWIFT or compete with it on a specific corridor without replacing all four functions—or SWIFT’s worldwide network.
The 2024 analysis by the South African Institute of International Affairs (SAIIA) highlights structural challenges: a payment network needs broad institutional participation, while sanctions exposure and third-party risks can complicate adoption. Those are analytical considerations, not proof that any particular proposed system has overcome them.
What is the latest status?
The clearest current account is the BRICS leaders’ New Delhi Declaration of September 12, 2026. It says the BPTF is exploring practical cross-border payment solutions, studying interoperability between payment and messaging channels, and continuing discussions. The declaration encourages further work; it does not announce a deployed bloc-wide network.
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| Date and source | What it says | What that establishes |
|---|---|---|
| September 12, 2026 — BRICS New Delhi Declaration | The BPTF is exploring practical solutions and studying interoperability of payment and messaging channels; discussions should continue. | Official work in progress, not a launch notice. |
| July 2025 — BRICS Rio Declaration | Leaders welcomed continued discussion of the Cross-Border Payments Initiative and a technical report, and said the task force had identified possible pathways for greater interoperability. | Progress toward examining options, not proof of an operational system. |
| July 2025 — Bank of Russia financial-track summary | Cross-border payments and settlement/depository infrastructure were listed as cooperation topics, with central-bank experts continuing their work. | Continuing official discussion and expert work. |
| 2025 — BRICS Business Council annual report | BRICS Pay is described as an entrepreneurial system intended to connect national and commercial payment methods; other proposals are described separately. | Clarifies how the label is used, but does not verify live operation. |
The New Delhi Declaration says there is no one-size-fits-all approach and recognizes national priorities. Its stated goals for cross-border payments include speed, low cost, accessibility, efficiency, transparency, and safety. The unresolved details include the final technical architecture, which institutions would participate, what completed pilots have demonstrated, and whether or when a unified BRICS-wide system might launch.
What scale and performance evidence is available?
BRICS statements and the Business Council report do not provide an established count of BRICS Pay transactions, active participating banks, or countries where a unified BRICS Pay network is live. A proposal, policy discussion, or connection on one route should not be treated as evidence of a bloc-wide rollout.
For comparison, SWIFT reported that its network connected more than 11,500 financial institutions across over 200 countries and territories in 2026. That is SWIFT’s own reported network reach; it does not mean every transfer is fast, inexpensive, or transparent.
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- Network arrival: In March 2026, SWIFT said 75% of payments over its network reached destination banks within 10 minutes or less. This is SWIFT’s measure of arrival at a destination bank—not a guarantee that the recipient could access the money within that time.
- Retail-payment framework: In July 2026, SWIFT said 26 financial institutions had started processing across 25 payment corridors in 17 countries under its framework, and that more than 70 institutions had committed to implementation in 2026. These are figures SWIFT reported about its own framework.
- Currency use: The European Central Bank reported that around 8% of global trade-finance messages in SWIFT were denominated in renminbi in March 2026. This measures a currency share in SWIFT trade-finance messages; it is not a measure of BRICS Pay adoption.
SWIFT itself has acknowledged that improving the customer-facing experience and the final domestic leg still requires work. As its Head of Payments Scheme, Nasir Ahmed, put it in March 2026: “The financial community has made strong collective progress to improve the speed and transparency of cross-border payments, but there is room to go further.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Can BRICS Pay rival the West’s SWIFT payments system?
It depends on what “rival” means. For particular trade corridors or links between member-country payment systems, BRICS work could become a meaningful alternative or complement if participants connect their systems, agree on standards, secure settlement and currency liquidity, and provide reliable delivery to recipients. In that narrower sense, a regional or bilateral option could matter without displacing SWIFT globally.
For a worldwide alternative with comparable institutional reach and established operating scale, the evidence does not support saying BRICS Pay currently rivals SWIFT. The 2026 declaration still describes exploration and continuing discussion, while SWIFT reports thousands of connected institutions and active retail-framework corridors. BRICS has not established a live transaction volume or participating-institution count for BRICS Pay that would support a like-for-like comparison.
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A useful assessment of any future announcement should distinguish these questions rather than treating “payments” as one capability:
- Adoption and reach: Which banks, payment providers, and jurisdictions are connected and actually processing transactions?
- Interoperability: Can the systems exchange standardized instructions and handle errors across different technologies and domestic rules?
- Settlement and liquidity: Which currency settles the obligation, who provides foreign-exchange liquidity, and how are mismatches managed?
- Speed and delivery: Does a reported time measure message receipt, interbank settlement, or funds available to the final recipient?
- Cost and transparency: Are fees and exchange-rate charges disclosed in advance, and does the recipient receive the expected amount?
- Governance, safety, and resilience: Who sets the rules, handles disputes and fraud, protects data, and maintains service across jurisdictions?
These are also the practical tests behind the goals set out in BRICS declarations and SWIFT’s discussion of end-to-end payments. A network can move messages quickly yet still leave currency conversion, settlement, fees, or final delivery unresolved.
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