Explainer: What is BRICS Pay and can it challenge the West's SWIFT?
Al Jazeera explains BRICS Pay, a cross-border payments system proposed by the BRICS bloc as an alternative to SWIFT, the Western-dominated network used for most international bank transfers. Supporters say it could reduce reliance on the US dollar and shield member states from sanctions, but the project faces technical, political and currency hurdles that make any real challenge to SWIFT unlikely in the near term.
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