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India to Prioritize BRICS Cross Border Payment Links at Upcoming Summit

evening · · thread: India to Host Expanded BRICS Summit in New Delhi

2 sources across 2 countries · India · United Kingdom

Who reported this

  • MediaNama India · Centre · Mixed Bag Media Pvt Ltd
  • Reuters United Kingdom · Centre · Thomson Reuters Corporation

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
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India will push for the operationalization of BRICS Pay and the linking of digital currencies during the 18th BRICS summit in New Delhi on September 12 and 13. The summit theme is Building for Resilience, Innovation, Cooperation and Sustainability. India intends to prioritize digital public infrastructure (DPI) to facilitate fast and low cost cross border payments among member states. This initiative seeks to link national systems such as India's Unified Payments Interface (UPI) and Brazil's Pix through local currency settlement and the connection of central bank digital currencies.

India has reportedly ruled out the creation of a single BRICS currency. The bloc now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Indonesia, and Saudi Arabia. Together, these eleven members represent approximately 42 percent of the global population and 41 percent of world output at purchasing power parity.

The push for these systems is driven by a desire to reduce reliance on US financial intermediaries and the dollar. Some governments view the current system as a vulnerability due to the weaponization of financial interdependence through sanctions. While DPIs can reduce fees and increase digital sovereignty, research suggests that the success of such systems depends more on governance and authority than on software or statutes.

How each side framed it

Centre
Outlets with a center lean framed the initiative as a strategic move toward a multipolar financial system and a way to mitigate the risks of Western financial sanctions.

Sources

100% of the statements in this article were traced back to the source articles listed above.