The 11-member alliance is seeking to carve out a new path in the global financial system with the launch of a BRICS Pay system. Source: dailynewsegypt.comThe alliance envisioned BRICS Pay to be a standalone payment mechanism, similar to the West-dominated SWIFT system. BRICS Pay could face a reality check when it enters the formation process. China could begin to control the functioning of the BRICS Pay, as it will have a larger share of the payments. The formation of a BRICS Pay will be a mixed bag that is not harmonized.
