BRICS Pay advances as alternative to SWIFT and expands use of local currencies

Source: Brasil 247 | Original Published At: 2026-09-19 12:21:40 UTC

Key Points

• BRICS Pay is being structured as a decentralized digital ecosystem aimed at connecting national payment systems and reducing dependence on SWIFT for intra-BRICS transactions.
• The initiative gained new momentum during the 18th BRICS Summit in New Delhi on September 12 and 13, where leaders supported expanding local-currency trading and cross-border payment systems.
• BRICS Pay is described as an initiative of the BRICS Business Council.
• The proposed architecture includes interoperability among existing platforms such as Brazil's Pix, India's UPI, and Russia's Mir.
• The stated objective is not an immediate replacement of SWIFT, but enabling part of trade to be settled in national currencies using dedicated infrastructures.
• Cited analysis suggests the initiative could contribute to a more fragmented international financial architecture, with multiple payment networks coexisting.
• BRICS Pay could offer governments an additional option to reduce exposure to sanctions, financial restrictions, or geopolitical tensions.