(20 August 2026 – Global) BRICS members (Brazil, Russia, India, China, South Africa) are reviewing options to enhance cross border payments including links between national rapid payment systems and potential interoperability among central bank digital currencies (CBDCs).
Cross border payments were identified as shared interest at the FIBAC 2026 conference in Mumbai 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.
As host of the 2026 BRICS summit, India is pushing to place payment interoperability higher on the group’s agenda with the Reserve Bank of India recommending discussing links between national CBDCs at the summit. Russia has previously advocated for the establishment of a new cross border payment system among BRICS countries as an alternative to Swift.
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.
“The proposals remain at the discussion stage, with no common infrastructure or implementation model yet approved. India will continue efforts to expand the international use of the rupee and promote national currencies in cross border trade and payments” commented Reserve Bank of India Governor Sanjay Malhotra.