India, as the rotating chair of BRICS in 2026, is focusing on digital public infrastructure (DPI) to enhance cross-border payments among member states during the 18th BRICS summit in New Delhi on September 12 and 13, according to medianama.com. The summit’s theme is "Building for Resilience, Innovation, Cooperation and Sustainability," with India emphasizing fast, low-cost, and secure payment systems.
Since taking over the BRICS chairmanship from Brazil on January 1, India has prioritized operationalizing BRICS Pay, a scheme designed to link existing national DPIs such as India’s Unified Payments Interface (UPI) and Brazil’s Pix system. This linkage aims to enable local-currency settlements and improve interoperability of financial infrastructures and central bank digital currencies (CBDCs), the report said.
The initiative reflects BRICS’ broader goal to reduce reliance on US financial intermediaries by fostering a multipolar financial system. While the group has committed to advancing cross-border payment systems, India has ruled out creating a single BRICS currency, citing political and economic challenges within the expanded bloc that now includes nine members, such as Brazil, Russia, China, South Africa, and six new strategic additions.
The 18th BRICS summit in New Delhi will provide a platform to advance these digital payment initiatives and discuss the integration of national DPIs. The focus on BRICS Pay and DPI interoperability marks a concrete step toward reshaping cross-border financial transactions among member countries, as detailed by medianama.com.