[1][2] The project is a joint venture developed by the BRICS member states to receive and make payments in their own local currencies.

[1] BRICS PAY will feature a decentralized Cross-border messaging system (DCMS), developed by scientists of the Center of Saint-Petersburg State University of Russia.

DCMS automatically builds transaction routes between participants, aiming to ensure reliable communication even in case that direct transmission is unavailable.

[9] Russia has been the strongest proponent of BRICS Pay, to bypass the SWIFT network and the US dollar transactions it was sanctioned from following its invasion of Ukraine.

[1][9] Brazil's president Lula da Silva also supported the mechanism, stating that "the multipolar order we aim for is reflected in the international financial system" and suggested a BRICS currency.