BRICS Summit in New Delhi concludes without full BRICS Pay launch

At the 18th BRICS Summit held in New Delhi on September 12 and 13, 2026, the final consensus declaration did not include the full launch of 'BRICS Pay' as some had anticipated. While previous reports suggested the system was imminent with the Reserve Bank of India coordinating technical aspects, the New Delhi Declaration merely “takes note” of the work performed by the BRICS Payment Task Force.

The task force is focused on the interoperability of payment and messaging channels and discussions regarding settlement in local currencies. However, the document emphasizes that these efforts must respect national priorities and acknowledges that there is no universal solution. Notably, India’s proposal to interconnect central bank digital currencies was absent from the final text.

Experts suggest the outcome reflects structural realities: BRICS nations still maintain significant trade with the US dollar, and a unified payment system requires shared governance, binding rules, and mutual trust in central banks—elements that were not addressed during the negotiations. Rather than a new currency or settlement network, BRICS Pay is currently envisioned as a layer of interoperability to connect existing national systems, such as Russia’s SPFS and China’s CIPS.