BRICS Unified Payment System Faces Trust and Regulatory Hurdles

BRICS countries are discussing how to make payments between them easier.

One idea is to create a shared payment system.

The chair of the BRICS Business Council said this is possible.

However, countries must first trust one another and protect payment data.

They also need rules that make transactions safe across borders.

Countries may use their own currencies, but they would need agreements about how to do that.

Better payment systems could make sending money between countries easier.

The plan would also depend on people having affordable internet and other ways to connect.

South Africa said technology choices should be practical for each situation.