BRICS Pay: A New Frontier in Global Payments
BRICS Pay has emerged as a new buzzword on the internet, captivating users who share videos of seamless purchases using a QR code-based mobile app built on an innovative payment system. The decentralized and inclusive nature of this technology has piqued the interest of many on social media platforms.
The journey of BRICS Pay began in 2019 when the BRICS countries—Brazil, Russia, India, China, and South Africa—decided to establish a unified payment system. This initiative was not just about creating a convenient app for consumers; it included developing a mechanism for member countries to notify one another about cross-border payments. This decentralized technology aims to reduce reliance on specific foreign currencies, thereby enhancing the financial independence of BRICS nations.
Beyond Payments: Collaborative Space Exploration
BRICS cooperation extends far beyond financial technology. In the realm of space exploration, China is sharing its achievements with fellow BRICS countries to benefit a broader population. In late 2023, China launched a new platform to share remote sensing data with other nations, aiding in the monitoring of natural calamities. Marco Antonio Chamon, president of the Brazilian Space Agency, expressed enthusiasm about the “fantastic and very fruitful collaboration” with China and indicated plans to explore more space projects together.
Accelerating Industrialization Through Innovation
The BRICS countries are also joining forces to accelerate industrialization. In late 2023, the China-BRICS Science and Innovation Incubation Park for the New Era was inaugurated in east China’s Xiamen City. Representatives of the park held a promotional event in Russia in early October, showcasing 13 technological achievements and cooperation projects. The event attracted over 300 Russian enterprises, highlighting the growing interest in collaborative innovation.
Moreover, the BRICS Industry Innovation Contest 2024 concluded in September, marking a significant milestone. Over the past five years, the contest has attracted more than 5,000 teams from over a dozen countries, fostering exchange and development in industrial technology among BRICS nations.
Pioneering in Artificial Intelligence
Recognizing the importance of cutting-edge technologies, BRICS countries have established cooperation mechanisms in the field of artificial intelligence (AI). China has set up the China-BRICS Countries AI Development and Cooperation Center, aiming to strengthen industrial synergy and capacity building among member nations.
These initiatives reflect the solid results of BRICS sci-tech cooperation, showcasing a commitment to mutual growth and innovation that extends beyond borders and industries.
Reference(s):
More than just payments: BRICS sci-tech cooperation sees solid results
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