India Proposes BRICS Pay for Cross-Border Transactions in National Currencies

Source: Portal Mix Vale | Original Published At: 2026-01-26 16:38:05 UTC

Key Points

• India's Reserve Bank proposes BRICS Pay, a platform enabling direct transactions between member states using national currencies (e.g., real, ruble, rupee, yuan, rand).
• The system aims to reduce dependence on dollar-based systems like SWIFT, with discussions planned for the 2026 BRICS summit in India.
• BRICS Pay will integrate existing national payment systems and future central bank digital currencies (CBDCs), inspired by Brazil's Pix and China's e-yuan.
• Over 65% of BRICS intra-trade already occurs in local currencies, with China-Russia and Brazil-India leading bilateral agreements.
• The platform could enhance financial autonomy, lower transaction costs, and boost tourism by enabling instant cross-border payments via QR codes.