BRICS payment task force advances UPI–Russia link and local-currency settlements
Primary region BRICS
Tags Economy · Trade · Diplomacy
Regions BRICS · Asia
The BRICS Payment Task Force will continue work on payment interoperability and local-currency settlements, BRICS International Forum chairman Pawan Josh said, with an India-Russia initiative to link India's UPI with Russia's Faster Payments System as a key step. The first pilot will focus on consumer-to-business payments, with a business-to-business layer under development. Josh said the effort is not aimed at de-dollarization or replacing SWIFT, and that implementation is planned around 2030.
Strategic interpretation
The incremental approach — interoperability and local-currency settlement rather than a common currency — reflects the bloc's internal diversity, since members have different relationships with the dollar and the existing financial system. An India-Russia UPI link would give two members a practical channel that reduces reliance on correspondent banking, though the 2030 timeline suggests the technical and regulatory work remains substantial. The explicit denial of de-dollarization aims may be intended to reassure markets and non-member states that the effort is not a challenge to SWIFT. If pilots succeed, they could lower transaction costs for remittances and tourism, but scaling depends on common standards and deep foreign-exchange markets.