BRICS Explores Integration of Instant Payment Systems, Digital Currencies
The BRICS countries are considering the possibility of integrating their national instant payment systems and central bank digital currencies.
Sanjay Malhotra, Governor of the Reserve Bank of India, said this would reduce the cost of cross-border transactions.
His comments were covered in the Brazilian media as reported by TV BRICS, a NAN partner. According to him, the group’s members are currently discussing several options for financial integration.
He said discussions are centered on improving the efficiency of cross-border transfers. Malhotra said integration will bring national financial systems, which currently operate independently of one another, closer together.
”Cross-border payments are of interest to all of us, including the BRICS countries, as we believe there is great potential here for reducing costs,” said Malhotra.
He added that a specific model for integration and a timetable for its implementation have not yet been defined.
He also said that the technical parameters of a possible shared infrastructure have also not been disclosed.
In early 2026, the Reserve Bank of India recommended that the government include the integration of central bank digital currencies on the agenda of the BRICS summit.
He said India holds the chairmanship of the group this year and is hosting its annual meeting.
Furthermore, the Reserve Bank of India intends to continue its work on the internationalisation of the rupee and the expansion of the use of national currencies in international trade and payments.
BRICS currently comprises 10 countries: Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran.
The integration of their payment systems will require coordination between countries with different financial systems and national currencies #BRICS Explores Integration of Instant Payment Systems, Digital Currencies# Scottish Business Activity Falls Further in July, Employment Rises -Royal Bank
