This year marks the first time that BRICS—a group of five major emerging economies, now expanded to include ten members—will hold a summit since its expansion. The big event will take place from October 22 to 24 in Kazan, Russia. One of the key topics everyone is buzzing about is the new BRICS Pay system, a payment system developed to help strengthen economic ties between BRICS countries.

Russia, which is leading the group this year, has made a bold call to its partners: it wants to crea...