The Future of Global Payments and the Challenge to SWIFT

The Future of Global Payments and the Challenge to SWIFT

On January 2, 2026, after months of leaks and diplomatic maneuvering, the BRICS+ bloc (Brazil, Russia, India, China, South Africa, plus Saudi Arabia, the UAE, Egypt, and Iran) announced the pilot launch of BRICS Pay. This system is not merely a new payment platform; it is a formal declaration that dollarization is no longer an inevitable choice, but rather a political option that can be circumvented through blockchain technology and central bank digital currencies (CBDCs). In the following report, we analyze the mechanisms, implications, and risks facing the global economy in the era of monetary multilateralism. BRICS Pay Mechanisms: How Does the System Actually Work? Technical Architecture Unified Ledger: A distributed ledger managed by the central banks of member states, recording all transactions in local currencies (CNY, RUB, SAR, EGP, etc.).  Smart Swap Mechanism: Enables currency exchange in less than 4 seconds at an exchange rate determined by a decentralized smart contract, elimi…