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The discussion also featured international experts: former Head of the Information Technology Chamber of Egypt Walid Gad, Research Fellow at the BRICS Research Center of the University of International Business and Economics (UIBE) in China Xie Hongjun, and Member of the BRICS Research Group at the University of São Paulo Lucas Macedo.
Commenting on the significance of common payment platforms for BRICS members, Alexey Kazartsev noted that national payment systems are currently taking center stage. These include CIPS (China), RuPay (India), and the Russian SPFS (System for Transfer of Financial Messages) for legal entities; as well as QR-code-based systems for individuals, including Alipay and WeChat Pay (China), UPI (India), and the Fast Payment System (FPS) in Russia. "Our primary task now is to ensure that transactions between these systems, for both legal entities and individuals, flow as smoothly and seamlessly as possible, with minimal fees," the expert emphasized.
In turn, Manish Kumar spoke about India's experience, noting that the country has become one of the global leaders in economic digitalization. "UPI has radically transformed the digital landscape. No one expected such success. It is a robust system that should be taken as a foundation and integrated into BRICS Pay," he stated.
Speaking about the architecture of BRICS Pay, Kazartsev explained that the system consists of three components: a payment infrastructure for legal entities, a QR-code system for individuals, and a single unit of account. "We are not talking about a single currency. A balance of all BRICS countries' currencies is taken—the ruble, rupee, real, rand, and yuan. The New Development Bank (NDB) provides the exchange rates, and settlements are made accordingly," he explained. According to the expert, the system will allow a move away from expensive parallel solutions, reduce transaction costs, and give impetus to the development of free trade.
The experts also discussed artificial intelligence initiatives. Kazartsev reported that BRICS countries have already established the "BRICS Pay AI Alliance"—an association of artificial intelligence developers—and are actively developing data centers and working on the creation of their own microchips. "China and India have very strong developments in ultraviolet lithography machines. Meanwhile, we have X-ray lithography technologies that are even more advanced," he noted.
Concluding the discussion, the participants agreed that to accelerate digitalization within BRICS, it is primarily necessary to conclude an intergovernmental agreement on the creation of the unified BRICS Pay payment system, further develop digital infrastructure, ensure cybersecurity, and actively implement artificial intelligence.
10 July, 2026
Alexey Kazartsev and Manish Kumar Participate in "BRICS Dialogue" Program on TV BRICS
Alexey Kazartsev, Chairman of the International Banking Committee of the Financial and Business Association of Euro-Asian Cooperation (FBA EAC) and co-creator of the BRICS Pay international payment system project, along with Manish Kumar, Deputy Chairman of the Board of FBA EAC and President of Soltek Group, took part in the fourth episode of the "BRICS Dialogue" program on the international television channel TV BRICS. The discussion focused on the digital transformation of BRICS countries and the role of new payment instruments in the development of trade relations.
The discussion also featured international experts: former Head of the Information Technology Chamber of Egypt Walid Gad, Research Fellow at the BRICS Research Center of the University of International Business and Economics (UIBE) in China Xie Hongjun, and Member of the BRICS Research Group at the University of São Paulo Lucas Macedo.Commenting on the significance of common payment platforms for BRICS members, Alexey Kazartsev noted that national payment systems are currently taking center stage. These include CIPS (China), RuPay (India), and the Russian SPFS (System for Transfer of Financial Messages) for legal entities; as well as QR-code-based systems for individuals, including Alipay and WeChat Pay (China), UPI (India), and the Fast Payment System (FPS) in Russia. "Our primary task now is to ensure that transactions between these systems, for both legal entities and individuals, flow as smoothly and seamlessly as possible, with minimal fees," the expert emphasized.
In turn, Manish Kumar spoke about India's experience, noting that the country has become one of the global leaders in economic digitalization. "UPI has radically transformed the digital landscape. No one expected such success. It is a robust system that should be taken as a foundation and integrated into BRICS Pay," he stated.
Speaking about the architecture of BRICS Pay, Kazartsev explained that the system consists of three components: a payment infrastructure for legal entities, a QR-code system for individuals, and a single unit of account. "We are not talking about a single currency. A balance of all BRICS countries' currencies is taken—the ruble, rupee, real, rand, and yuan. The New Development Bank (NDB) provides the exchange rates, and settlements are made accordingly," he explained. According to the expert, the system will allow a move away from expensive parallel solutions, reduce transaction costs, and give impetus to the development of free trade.
The experts also discussed artificial intelligence initiatives. Kazartsev reported that BRICS countries have already established the "BRICS Pay AI Alliance"—an association of artificial intelligence developers—and are actively developing data centers and working on the creation of their own microchips. "China and India have very strong developments in ultraviolet lithography machines. Meanwhile, we have X-ray lithography technologies that are even more advanced," he noted.
Concluding the discussion, the participants agreed that to accelerate digitalization within BRICS, it is primarily necessary to conclude an intergovernmental agreement on the creation of the unified BRICS Pay payment system, further develop digital infrastructure, ensure cybersecurity, and actively implement artificial intelligence.
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