BRICS countries are considering integrating their instant payment platforms and central bank digital currencies ahead of the 2026 summit, aiming to streamline cross-border transactions and reduce reliance on traditional payment rails.
BRICS countries are exploring ways to link their instant payment systems, a move that could make cross-border transfers faster and cheaper, according to comments from Sanjay Malhotra, governor of the Reserve Bank of India, at an event in Mumbai.
Malhotra said the bloc is considering several options, including closer ties between fast-payment platforms and the use of central bank digital currencies, or CBDCs, which are digital versions of money issued by central banks. He stressed that the talks are still exploratory and that no single model has been settled.
The discussions are taking place ahead of the BRICS summit scheduled for India in September 2026, when payment cooperation is expected to remain high on the agenda. Earlier this year, India’s central bank said a proposal to connect BRICS digital currencies should be considered for the summit, reflecting wider efforts within the group to ease trade and reduce reliance on traditional international payment rails.
Brazil’s Pix system is one of the clearest examples of how instant payments can scale. According to Boku, the UK-based payments firm began live Pix transactions in Brazil after receiving a licence from the Central Bank of Brazil in April 2025, giving global merchants access to Brazil’s real-time network through a locally regulated partner. Pix has become Brazil’s dominant retail payment method, and Boku said it now processes more transactions than Visa and Mastercard combined in the country.
Cross-border use of Pix is already developing in limited form. PagBrasil has launched a service that lets Brazilian travellers use Pix for purchases abroad, while Banco do Brasil introduced “PIX Abroad” in Argentina in March 2026, allowing payments in Argentine pesos with settlement in reais. Those early deployments suggest that the BRICS talks are part of a broader push to extend instant payment systems beyond national borders.
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