South African President Ramaphosa Praises India’s Payment System at BRICS Summit

Source: Patrika News | Original Published At: 2026-09-14 05:38:01 UTC

Key Points

• South African President Cyril Ramaphosa praised India's payment system during the 18th BRICS Summit in New Delhi.
• Ramaphosa said he bought books in Delhi using a card, paid in Indian rupees, and the transaction settled directly in South African rand.
• He described the experience as smooth and said it demonstrated that local-currency transactions can work effectively.
• Ramaphosa referred to ongoing talks between the central banks of India and South Africa, saying local-currency trade can make transactions faster, easier, and more transparent.
• He stated that the initiative is not against any other international currency or payment system, but aims to make cross-border buying and selling easier, cheaper, and safer.
• The New Delhi Declaration of the 18th BRICS Summit emphasized the use of local currencies and cross-border payment messaging systems.
• The BRICS Payment Task Force is working toward secure and transparent intra-BRICS trade that respects member countries' priorities.