BRICS seeks alternative payment system to reduce US dominance: Pai

Bengaluru, Sept 16 (UNI) BRICS countries and other Asian economies are moving towards an alternative global payment system and greater use of local currencies in trade, a development that could reduce their dependence on the US-dominated financial architecture, former Infosys director TV Mohandas Pai said on Wednesday. Pai said the discussions among BRICS and Asian countries on alternative cross-border payment mechanisms were significant as they could provide countries with an option outside existing systems that, according to him, give the US considerable influence over global trade and payments. "The biggest thing that came out was the payment system for payments.…