BRICS Discusses Payment Corridor to Reduce Dollar Dependence

Source: Brasil 247 | Original Published At: 2026-09-07 22:32:44 UTC

Key Points

• BRICS is evaluating a new international payments infrastructure to reduce dependence on dollar-based and Western-controlled financial routes.
• The proposal would connect instant payment systems, central bank digital currencies, and trade settlements in local currencies, rather than create a common BRICS currency.
• India's UPI is central to the discussion; it processed 23.66 billion transactions worth about US$314 billion in July 2026.
• A wider BRICS payment corridor could speed settlements and support exporters, travelers, companies, and remittance users.
• Challenges include technical standards, data security, currency conversion, and political trust, especially concerns about over-concentration in China.
• Discussions also involve BRICS Pay and the New Development Bank.