BRICS Pay to enable local-currency payments; India-Russia to sign MoU on UPI-Faster Payments link on Friday

Source: ANI (Asian News International) | Original Published At: 2026-09-10 17:22:06 UTC

Key Points

• BRICS Pay aims to facilitate cross-border digital payments in local currencies by connecting existing national payment systems of member and partner countries.
• India and Russia are set to sign a memorandum of understanding to connect India's Unified Payments Interface with Russia's Faster Payments System.
• The agreement is being signed with the BRICS Business Council and the Business Forum, while each country retains control over its domestic payment infrastructure.
• The initial phase will focus on customer-to-business payments for travellers, with business-to-business payments for international trade under development.
• BRICS Pay is designed as a federated model, allowing countries to operate their own payment infrastructure under national central banks and regulations.
• The framework could expand beyond BRICS, with Brazil's Pix and other domestic payment networks potentially integrated.
• The system will incorporate KYC, anti-money laundering and sanctions screening, and India-facing operations will require Reserve Bank of India approval.