The BRICS Pay system is gaining traction on a global scale, drawing interest from various regions including the European Union, South America, and Africa. The report highlights positive developments indicating that this innovative payment solution aims to enhance financial accessibility and reduce dependency on traditional currencies.
Surge in Interest for BRICS Pay
Andrey Mikhaylishin, co-founder of the BRICS Pay project, has reported a surge in interest from these regions, highlighting the system's potential to revolutionize payment mechanisms. With over 1.5 billion people in Africa lacking access to conventional payment cards, BRICS Pay seeks to fill this gap by providing essential financial services.
Impact on Financial Access and US Dollar Reliance
The initiative is poised to not only improve financial access but also diminish reliance on the US dollar, which has long dominated global transactions. By fostering a more inclusive financial environment, BRICS Pay could play a crucial role in empowering underserved populations and promoting economic growth across the continent.
Currently, the decline of the US dollar's dominance in global foreign exchange reserves is becoming increasingly evident, as emerging economies seek to diversify their holdings. For more insights on this trend and its implications, read the full article here.
