Working group on financial services developing a topic within the BRICS Business Council a new international payment system, the commercial project BRICS Pay is promoting as the first stage of its formation.
BRICS Pay is an international payment system that offers banks and other financial institutions an online and mobile banking platform.
The BRICS Pay Internet system allows the user to manage their account around the clock from any computer or mobile device, pay for various services and goods, transfer funds, pay taxes and much more.
Banks and other financial organizations participating in the system receive developed payment service functionality for their clients, as well as the ability to accept online payments from markets and suppliers with whom they have signed contracts.
Also, BRICS Pay is a payment service that is built on blockchain technology for making payments using digital financial assets: BRICS tokens - NSRT and digital currencies of the BRICS countries; when paying for goods and services online and in retail trade in the legal framework of the BRICS, BRICS+ and EAEU countries.
BRICS PAY will be integrated into the system wallet for digital cryptocurrencies of BRICS countries and bank accounts.
It is capable of combining accounts from different blockchain networks, as well as open accounts in different banks. This allows you to easily manage your funds - quickly and safely pay for goods and services by any available means, including making transfers between the BRICS and BRICS+ countries. Users from different countries of the commonwealth will be able to instantly exchange one national digital currency for another through the BRICS PAY application. For example: exchange digital yuan for digital real (digital currency of the central bank of Brazil) In this system, the NSRB token, in the form of a stable coin (NSRB rate: 1 NSRB = 1 USD), will be the gateway between the CBCDs (digital currencies of the central banks) of the BRICS countries. For example: one counterparty buys NSRB tokens in the BRICS PAY system for fiat currency and transfers them to another counterparty. Another counterparty almost instantly receives NSRB tokens to his wallet, with the possibility of converting them into CBDC of the BRICS countries.