BRICS Pay, a QR code based non-cash payment system intended for foreign visitors, could begin operating in Russia by the end of the year. The initiative is being steered by the BRICS Payments and Fintech target subgroup within the BRICS Business Council’s Financial Services working group. The team is laying out timelines and technical steps to support seamless, card-based transactions for travelers who arrive with cards issued outside Russia, aiming to reduce the friction of cash handling and currency concerns.
In its initial phase, BRICS Pay is expected to enable foreigners to pay in Russia using Visa and MasterCard cards by scanning a merchant’s QR code. In a subsequent phase, the project may extend to World cards issued outside Russia, broadening acceptance for international travelers and residents who rely on different networks.
At a BRICS Business Council meeting, participants were invited to test the system. Registration for the trial was open on October 17 and 18, with a 500 ruble bonus available to users who complete purchases at the World Trade Center, providing a hands-on glimpse of the new payment flow.
The Federation Council president indicated that progress toward an independent BRICS payment system could lead to a decision as early as October, with the process actively moving forward and all parties coordinating closely to advance the project.
On October 11, the head of the finance ministry stated that a formal report on the BRICS payment system would be presented at the Kazan summit, signaling a milestone in the policy and regulatory assessment phase and inviting broader scrutiny of technical readiness and governance arrangements.
There has been ongoing discussion about establishing an autonomous BRICS payment circuit that would operate alongside existing national and international payment rails, reflecting a broader aim to integrate cross-border payment flows among BRICS nations and their partners.
For travelers and merchants, BRICS Pay could streamline cross-border transactions by offering a single QR-based interface that supports major card networks while aligning with BRICS goals to enhance regional financial cooperation. The rollout will involve regulatory reviews, security measures, and phased testing across participating markets, with timelines subject to change as pilots progress.