BRICS countries are intensifying cooperation on cross-border payments and local-currency settlements, with India leading efforts to connect existing digital payment systems and explore interoperability of central bank digital currencies, marking a shift from previous discussions on a common currency.
BRICS countries are moving towards closer co-operation on cross-border payments, local-currency settlement and development finance as India leads the bloc’s finance track for 2026.
According to the joint statement from BRICS finance ministers and central bank governors, the group will keep working on making payment systems more interoperable and will examine ways to settle trade and investment in national currencies. The statement frames the effort as a response to geopolitical strain, trade fragmentation, protectionism and wider policy uncertainty.
India is expected to push a proposal for a cross-border digital payment system at the BRICS summit, with the emphasis on using member countries’ own currencies rather than creating a new common BRICS unit. The New Indian Express reported that the plan is intended to improve financial integration while avoiding the language of de-dollarisation.
Related reporting suggests the discussion is becoming more practical than ideological. Industry summaries say BRICS members are examining links between existing instant-payment networks, such as India’s Unified Payments Interface, and equivalent systems elsewhere, alongside possible interoperability between central bank digital currencies, or CBDCs. The aim is to cut costs and shorten settlement times, though no common BRICS payment platform has yet been approved.
That approach marks a shift from earlier speculation about a bloc-wide currency. Reports from Business Standard and other outlets indicate that India’s central bank has previously floated the idea of linking official digital currencies to support trade and tourism payments, but the current focus is on connecting existing systems rather than replacing them. If developed, the framework could help member states reduce dependence on dollar-based correspondent banking channels and lower transaction fees on some routes.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
