Russia and India Move to Develop BRICS Cross-Border Payment System

Source: Natural News | Original Published At: 2026-09-14 17:37:39 UTC

Key Points

• The Russian Direct Investment Fund, BRICS Pay India and JSC BRICS Pay announced an agreement to develop the BRICS payment project and cross-border payment services.
• The partners will explore integration with India's payment infrastructure, prepare potential pilot projects and work toward launching cross-border payment services.
• The proposed system is intended to facilitate trade and investment among BRICS countries, including through settlements in national currencies.
• The announcement came during Russian President Vladimir Putin's engagements in India and ahead of the 18th BRICS Summit in New Delhi.
• BRICS finance ministers and central bank governors have directed the BRICS Payment Task Force to continue work on faster, cheaper and more accessible cross-border payment solutions.
• No detailed operational timeline for pilot projects or the launch of cross-border services was disclosed.