NEW DELHI, September 11. /TASS/. The Russian Direct Investment Fund (RDIF), BRICS Pay JSC, and BRICS Pay India have agreed to partner to develop the BRICS Pay project in India and collaborate on cross-border payments within the BRICS framework. The announcement was made during Russian President Vladimir Putin's visit to India. The 18th BRICS Summit will be held in New Delhi on September 12-13.

"The parties' cooperation is aimed at exploring opportunities for integrating the BRICS Pay project with India's payment infrastructure, as well as preparing potential pilot projects and subsequently launching cross-border payment services. The initiative is designed to foster the development of an open, resilient, and technologically independent cross-border payment infrastructure capable of facilitating trade and investment flows between BRICS nations, including through the use of national currencies," the RDIF statement said.

The BRICS Pay JSC will serve as the technology partner, participating in the development of technical solutions, technology adaptation and localization, and the preparation of pilot projects. The BRICS Pay India will act as the business and coordination partner in India, facilitating engagement with banks, payment organizations, merchants, and other Indian market participants.

"Developing a modern payment infrastructure is a crucial prerequisite for the continued growth of trade and investment among BRICS countries. BRICS Pay can serve as a practical tool that complements existing national payment solutions and ensures their interoperability," said Kirill Dmitriev, CEO of the RDIF.

According to him, cooperation with Indian partners will allow for the analysis and preparation of pilot projects tailored to the specific features of national financial infrastructures. The RDIF will support the initiative by leveraging its investment expertise and international partnership network, he emphasized.