Unified payment system achievable with right trust framework: South African chapter of BRICS council

Source: The Hindu Business Line | Original Published At: 2026-09-11 13:09:39 UTC

Key Points

• A unified BRICS payment system is described as achievable if countries establish sufficient trust and safeguards for data security and transaction safety.
• Local-currency trade is linked to multilateral agreements and choices about the currency of trade, which can support cross-border remittances.
• Banking-system capacity and differences in trade relationships are identified as practical challenges for scaling a BRICS payment system.
• Connectivity is presented as the starting point for digital inclusion in the Global South, with 5G, satellite and other options needed for underserved areas.
• Affordability and accessibility of connectivity are described as decisive factors for whether people can participate in digital transactions.
• South Africa is said to maintain a technology-agnostic approach, prioritizing fit-for-purpose solutions and openness to multiple partners.
• BRICS cooperation is discussed as a potential avenue to address digital infrastructure and connectivity gaps, while local innovators face competition from large US and Chinese tech firms.