UPI in BRICS: Is India Building an Alternative to the Dollar and SWIFT?

Source: प्रभात खबर | Original Published At: 2026-08-19 03:12:14 UTC

Key Points

• Reserve Bank of India Governor Sanjay Malhotra has mentioned the possibility of linking BRICS fast payment systems and central bank digital currencies.
• The proposed cooperation aims to reduce cross-border payment costs, processing times and reliance on banking intermediaries.
• The article distinguishes connecting UPI with other national payment systems from creating a common BRICS currency.
• Trade, tourism and remittances are identified as potential uses for interoperable local-currency payment systems.
• Uneven CBDC adoption across BRICS countries presents technical and regulatory challenges to large-scale implementation.
• The article describes India's approach as expanding payment options while favoring an open, interoperable framework supporting multiple currencies.