BRICS nations discuss integrating digital payments and CBDCs

BRICS nations are discussing methods to reduce the costs of cross-border transactions by interconnecting their respective instant payment systems and utilizing central bank digital currencies (CBDCs). Sanjay Malhotra, president of the Reserve Bank of India, confirmed during an event in Mumbai that these options are currently under discussion to improve international operational efficiency.

The discussions aim to increase interoperability between national infrastructures, such as Brazil’s Pix and India’s Unified Payments Interface (UPI). While no new payment system is ready to replace current mechanisms, the goal is to find ways to make international transfers faster, more efficient, and more secure.

Russian officials have also noted that the group is actively promoting the use of national currencies in trade to mitigate external pressures. India is expected to play a significant role in these financial integration discussions when it assumes the rotating presidency of the bloc in 2026.