BRICS Fintech Digital Commerce Market Size and Forecast by Service Type, End Users, Industry, Transaction Types, and Region: Statistics | 2019-2033

BRICS Fintech Digital Commerce Market Outlook

As emerging economies recalibrate global trade dynamics, the BRICS Fintech Digital Commerce Market is fast becoming a cornerstone of the new world economic order. Representing over 42% of the world’s population and covering 26% of its landmass, Brazil, Russia, India, China, and South Africa—collectively BRICS—are leveraging their scale and influence to reshape digital commerce, financial infrastructure, and trade mechanisms. The transformation is evident not only in the numbers but in the deep strategic moves being made across borders.

In 2022, China’s trade with other BRICS nations reached approximately $507 billion, marking a 17% year-on-year growth. This surge reflects both intra-BRICS economic alignment and the accelerating digitization of trade flows. As per Aabhas Acharya, Manager – BFSI, this momentum is further catalyzed by large-scale digital adoption projects like India’s UPI, China’s Cross-Border Interbank Payment System (CIPS), Brazil’s Pix, and Russia’s Mir and RuNet infrastructure, all of which aim to reduce reliance on traditional Western platforms such as SWIFT and Visa/Mastercard. The broader goal is to establish financial sovereignty and enable seamless intra-bloc commerce through initiatives like BRICS Pay—an interoperable payment platform in development that could redefine cross-border transactions across the Global South.

This strategic pivot is backed by heavy investments. The New Development Bank (NDB), a multilateral lender established by BRICS, has funneled over $32 billion into infrastructure and technology projects. This includes digital connectivity corridors, smart logistics platforms, and blockchain-backed trade finance systems. Countries like India and Russia are on track to launch their Central Bank Digital Currencies (CBDCs) by 2025, offering secure, sovereign alternatives to dollar-based trade. These developments are not just about technology; they symbolize a broader resistance to unipolar financial systems and highlight BRICS' intent to architect a parallel global trade framework.

From an industrial modernization lens, BRICS is prioritizing AI, big data, IoT, and 5G across its digital economy strategies. Case in point: Brazil’s partnership with Huawei to accelerate 5G coverage, or South Africa’s push to become a regional data hub leveraging its ties with Chinese and European digital ecosystems. These moves are not isolated. They converge under a common goal—to elevate economic resilience through self-reliant yet interoperable fintech systems.

Executives from major financial institutions within BRICS have echoed this sentiment. As one senior fintech strategist from India noted during a recent BRICS Industry Dialogue, “We’re not building alternatives out of isolationism, but out of the need for balanced, inclusive global governance. Sovereign digital commerce is the bridge.” This perspective is vital as BRICS expansion adds new members like Saudi Arabia, the UAE, and Iran—energy superpowers and rising digital economies—which brings new funding, new users, and new geoeconomic influence to the bloc.

The agricultural trade is another sector being transformed through digital tools. China, for instance, is deepening import relationships with BRICS peers for soybeans and corn, utilizing blockchain traceability and AI-driven logistics optimization to cut costs and improve transparency. Additionally, Brazil and China’s agreement on digital trade frameworks during their latest bilateral summit demonstrates that BRICS fintech isn’t just theoretical—it’s operational and growing.

In the broader geopolitical context, BRICS is no longer merely a counterweight to the G7. The bloc’s expansion into BRICS+ and its influence in forming a grain exchange, establishing oil trading in local currencies, and advocating for multipolar internet governance (such as India’s data localization laws and Russia’s “sovereign internet” initiative) reflect an increasingly institutionalized effort to build enduring global alternatives. As the digital commerce layer of this framework matures, BRICS could emerge as the largest fintech coalition outside Western institutions.

However, regulatory harmonization, cybersecurity alignment, and digital identity standardization across such a diverse group require sustained diplomatic and technical coordination. The IBSA Forum (India, Brazil, South Africa) provides a supplementary platform to address some of these issues. Despite being overshadowed by BRICS, IBSA is experiencing renewed attention due to its G20 leadership cycle, particularly its emphasis on digital equity, anti-poverty technologies, and cross-border e-commerce policies.

With over 40 countries expressing interest in joining BRICS, including Indonesia, Egypt, and Nigeria, the market is set to evolve into a multi-continental fintech powerhouse. For investors and B2B decision-makers, this creates significant opportunities in decentralized payment systems, sovereign cloud platforms, financial inclusion technologies, and digital supply chain networks. The shift is already impacting global monetary flows and will increasingly define how capital, data, and goods move in the 21st century.

Authors: Aabhas Acharya (Manager – BFSI)

*Research Methodology: This report is based on DataCube’s proprietary 3-stage forecasting model, combining primary research, secondary data triangulation, and expert validation. [Learn more]

BRICS Fintech Digital Commerce Market Scope

BRICS Fintech Digital Commerce Industry: Regional Coverage