The BRICS Pay payment system is interested in working in Armenia. This was announced by project coordinator Andrey Mikhailishin at the financial forum in Yerevan. According to him, connecting Armenia will allow local bank card holders to pay in dozens of countries by creating a network of gateways between the payment systems of Asia, Africa and Latin America.
Project objectives and current status
BRICS Pay is building a unified payment gateway infrastructure that will allow the use of cards from one's own country abroad in those jurisdictions where there is system compatibility. This is not only about the BRICS countries — the project is focused on a wider list of markets.
The company was created under the auspices of the BRICS Business Council in 2019, but is not a state project. Representatives of the central banks of the BRICS countries are present on the supervisory board, but the company does not receive state support.
The mobile application already has a gateway for Visa cards from most participating countries. Payments via QR codes Multi QR, managed by a consortium of Russian banks, are also supported. At the same time, negotiations are underway with the payment systems of several Central Asian states.
Potential for integration with Armenia
For Armenia, BRICS Pay sees an opportunity to complement the solutions of the national ArCa system and the work of the Central Bank, which directly creates payment gateways and has already launched them, for example, with the Indian UPI.
According to Mikhailishin, the company is ready to ensure the compatibility of ArCa with cards and QR codes from India, China, Kazakhstan, and also provide technology to local partners. Short version of the quote: «We are ready to share technologies and train specialists to increase confidence in the system».
Security requirements and transaction control
Transaction data will be stored within each country in accordance with local legislation. Access to operations from other jurisdictions will not be granted. A mandatory KYC procedure is provided: the service will not serve users from international sanctions lists and other stop lists. The company intends to conduct the verification independently, using licensed services, to ensure a unified standard.
The platform will also not work with users involved in online betting and gambling.
Digital currency technologies
BRICS Pay plans to develop payments in digital assets — cryptocurrencies and stablecoins. Mikhailishin noted that the technology will support cards linked to crypto wallets.
In countries where it is allowed, our providers allow you to exchange cryptocurrency for national money.
Further development and infrastructure
The main flow of operations in the system will be formed in the C2B segment — individuals will be able to pay for purchases from businesses. In the future, it is planned to open B2B operations as well.
A decentralized system similar to SWIFT has already been created for the transmission of payment orders. But for full-fledged operation, it is necessary to establish settlements between clearing centers of different countries — outside of direct correspondent accounts.