BRICS Nations Forge Path to Dollar-Free Global Payment System by 2030
In a groundbreaking move that could reorder the global financial landscape, the BRICS nations—Brazil, Russia, India, China, and South Africa—have committed to developing a cross-border payment system that operates independently of the U.S. dollar. This initiative aims to reduce Western financial dominance and create a more equitable monetary architecture for developing economies by 2030.
A Revolutionary Payment System in the Making
Russian Deputy Foreign Minister Sergey Ryabkov confirmed that the blueprint for this dollar-free payment network is rapidly advancing and may become operational before the decade’s end. The framework is being refined under Brazil’s current BRICS chairmanship and discussed extensively among member countries. South American nations have expressed keen interest in joining this emerging financial ecosystem, broadening its potential reach.
The initiative was a key element of discussions during the July 2025 BRICS summit held in Rio de Janeiro. The member countries envision a "fairer and more balanced financial architecture" that lessens dependency on the U.S. dollar and Western-controlled payment platforms like SWIFT. Already, Russia conducts over 90% of its trade with BRICS partners in national currencies, showcasing this vision’s viability.
Alternative Financial Infrastructure Taking Shape
Beyond the payment network, BRICS has launched a precious metals exchange facilitating transactions using gold, platinum, diamonds, and rare earth minerals — assets highly concentrated within the bloc's member countries. This exchange bypasses traditional Western systems such as the London Metal Exchange and SWIFT, providing a tangible alternative to dollar-based trade.
The Moscow Financial Forum in 2024 introduced “BRICS Pay,” a decentralized payment messaging system capable of processing up to 20,000 messages per second without mandated transaction fees. This system is designed to interlink national financial infrastructures including Russia’s SPFS, China’s CIPS, India’s UPI, and Brazil’s Pix payment systems, creating a seamless cross-border payment network.
China’s Alibaba Group fully supports the BRICS Pay system, and the Shanghai Futures Exchange recently began physical gold trading with T+0 settlement, challenging Western paper-based gold trading conventions.
Global Impact and Western Reactions
If South American and African countries adopt the new payment network, experts warn it could drastically undermine the U.S. dollar’s dominance as the world's reserve currency. Such a shift could lead to inflationary pressures in the United States and compel Western financial institutions to adapt strategically.
African nations are eyeing membership as a way to strengthen financial sovereignty and build stronger trade ties with Asia, free from the threat of Western sanctions. The BRICS initiative represents a strategic pivot toward a multipolar financial order, setting the stage for a more diversified and autonomous global economy by 2030.