Common payments system on BRICS agenda

Source: ThePrint | Original Published At: 2026-09-09 04:44:09 UTC

Key Points

• The 18th BRICS Summit in New Delhi will consider a common BRICS payments system and broader cross-border payments agenda.
• BRICS discussions have explored a shared digital settlement platform and alternatives to SWIFT to support local-currency trade and financial sovereignty.
• Any BRICS payment system would need to align with member countries’ domestic data protection regimes, including India’s DPDP Act, 2023, and RBI circulars.
• India’s DPDP Act does not mandate data localisation but allows government restrictions on cross-border personal-data transfers, while RBI rules require end-to-end payment data to be stored in India.
• Experts said RBI’s delegated regulations could be modified more easily than parliamentary laws if India chooses to align with BRICS payment undertakings.
• BRICS payment arrangements may rely on technical standards and MoUs rather than formal treaties, but differing data sovereignty regimes could pose challenges.