The BRICS countries are considering the possibility of integrating their national instant payment systems and central bank digital currencies. This would reduce the cost of cross-border transactions.
BRICS members are discussing options to improve cross-border payments, including links between national fast-payment systems and potential interoperability among central bank digital currencies.
Reserve Bank of India Governor Sanjay Malhotra said the proposals remain at the discussion stage, with no common infrastructure or implementation model yet approved.
Speaking at the FIBAC 2026 conference in Mumbai, Malhotra said cross-border payments were a shared interest among BRICS countries because faster connections could reduce transaction costs and shorten settlement times.
One option would connect domestic instant-payment networks, such as India’s Unified Payments Interface, with equivalent systems in other member countries. A separate proposal would explore connections between central bank digital currencies, potentially allowing participating countries to settle some transactions through sovereign digital-currency infrastructure.
Why does it matter?
Links between national payment systems could make some transactions among BRICS countries faster and less dependent on multiple correspondent banks. CBDC interoperability could provide another regulated channel for settling cross-border payments.
However, the discussions do not amount to an agreement on a common BRICS currency or an established alternative to dollar-based financial infrastructure. Their significance lies in their attempt to connect existing national systems while preserving separate currencies and central bank control.
BRICS currently comprises 10 countries: Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran.
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