Cross-border payments and greater interoperability among national payment systems are expected to feature prominently at the 18th BRICS Summit, which will be held in New Delhi, India, on September 12 and 13, as BRICS members seek to make trade and financial transactions faster, cheaper and more accessible.

One key distinction is that connecting payment systems does not mean creating a common BRICS currency. India has made it clear that its focus is on interoperability among existing fast-payment systems and central bank digital currencies, rather than establishing a new currency.

On August 11, Reserve Bank of India Governor Sanjay Malhotra said that BRICS members were discussing ways to connect fast-payment systems and central bank digital currencies (CBDCs). 

"Various options are on the table, but it is still at discussion stage, including CBDCs and linkages of fast payment systems," he said.

India's Commerce and Industry Minister Piyush Goyal also rejected the idea of a common BRICS currency on August 7. "India is not in favor of a BRICS currency. We do not support the introduction of any such BRICS currency scheme; India opposes it," Goyal said.

Meanwhile, the use of local currencies in trade is growing. Kremlin spokesman Dmitry Peskov said on September 8 that around 90% of Russia's payments and transactions with BRICS countries are now conducted in national currencies. But he stressed that this should not be interpreted simply as a drive to eliminate the dollar. "We do not seek de-dollarisation. On the contrary, we are open to any possible method of payment," Peskov said.

Practical links between national payment networks are also emerging. China UnionPay International launched a pilot project with Brazilian partners to connect China's QR payment network with Brazil's Pix system. During the pilot, users of the UnionPay app and participating Chinese bank apps can scan QR codes to make payments at Brazilian merchants connected to Pix.

BRICS leaders have endorsed further work on payment interoperability. BRICS' 2025 Rio de Janeiro Declaration called for "fast, low-cost, more accessible, efficient, transparent, and safe cross-border payments" and welcomed technical work on greater interoperability among BRICS payment systems.