Innovating the global payment system through “greater BRICS cooperation”

Abstract As a core focus of “Greater BRICS Cooperation”, financial collaboration through initiatives to renovate payment systems is crucial for reforming the financial systems of Global South economies—particularly amid profound adjustments in the global economic landscape. This paper examines BRICS payment innovation by first analyzing its historical context, including the relative decline of U.S. dollar hegemony and the rise of BRICS and the Global South. It then explores feasible pathways for payment innovation, such as a BRICS common currency, local currency settlement systems, and cross-border digital payment solutions. Subsequent sections address implementation challenges, and concluding with proposals for future development. Supported by relevant theoretical and practical frameworks, this research adopts literature review, case studies, and comparative analysis to provide a multidimensional perspective on BRICS payment system innovation. It aims to contribute to building a more open and inclusive global financial order.