Status of Digital Payments in BRICS Countries

Rapid technological advancements and FinTech initiatives in the recent past have been facilitating the transformation of financial and payment services across the globe. The present study examines the status of digital payments, digital payment environment and digital financial inclusion among the BRICS countries. The digital payment trends in the BRICS countries for the period 2011–2021 through the access and use indicators of digital payments are compared. There exist significant differences between the BRICS countries and the developed countries for both the access and use indicators of digital payments, which requires the respective governments and central banks of BRICS countries to take necessary steps to achieve the goal of digital financial inclusion. JEL Codes: E42, E58