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BRICS Back Easier Cross-Border Payments

Border Payments: What Will It Mean For You
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInstitutional Development

Source: Outlook Money | Original Published At: 2026-09-13 06:55:22 UTC

Key Points

  • BRICS leaders backed practical steps to improve cross-border payments between member countries in the New Delhi Declaration issued on September 12, 2026.
  • The BRICS Payment Task Force is examining better interoperability of payment and messaging systems across member countries.
  • The task force is also considering the use of local currencies for trade settlements and investments to reduce reliance on third currencies.
  • The declaration does not propose a single common payment system for all BRICS countries because members retain separate banking and payment systems.
  • For Indians sending or receiving money with BRICS countries, improved links and local-currency settlement could eventually reduce fees or speed transfers, though savings will depend on exchange rates, bank fees, and payment services.
  • India proposed a BRICS Risk Lab at GIFT City in Gujarat to support insurance and reinsurance capacity among BRICS countries.
  • BRICS leaders also discussed sustainable and green finance, including ways to make climate-related projects more suitable for financing.
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