Brazilian President Luiz Inacio Lula da Silva announced on Feb. 26 that Brazil will focus on developing secure payment systems during its BRICS presidency in 2025. Speaking at the BRICS Sherpas meeting in Brasilia, Lula da Silva stated:
Brazil is going during the period of its presidency to fully develop … transparent and safe payment systems.
The initiative is part of a broader strategy to strengthen financial infrastructure among BRICS nations, potentially reducing reliance on Western financial systems and enhancing economic cooperation within the bloc.
In addition to secure payment systems, Lula da Silva emphasized the need to expand trade between BRICS countries to further solidify their economic ties. He urged member states to boost bilateral trade, stating: “The BRICS community became the driver of positive changes in our countries and globally.” However, he acknowledged challenges, emphasizing: “At the same time, we face tasks to increase coordination [of efforts among BRICS members].” His remarks reflect ongoing efforts to deepen economic integration among BRICS nations.
BRICS countries have been increasingly focused on alternative payment systems, particularly following Western sanctions on Russia that restricted its access to the SWIFT financial network. As a result, member states have explored new mechanisms for trade settlements, including the use of local currencies and blockchain-based systems.
The bloc has also discussed the possibility of developing a BRICS common currency to facilitate trade and reduce dependence on the U.S. dollar. Brazil’s leadership in 2025 could accelerate dedollarization efforts, further positioning BRICS as a challenger to the Western-dominated financial order. Lula da Silva’s push for secure payment systems aligns with this broader agenda of financial sovereignty and global influence.
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