BRICS Weighs Linking Fast Payment Systems and CBDCs

Cross-border payments often pass through chains of correspondent banks and dollar-based clearing networks, adding cost, delay and foreign-exchange friction. BRICS economies are exploring interoperability between domestic fast payment rails and central bank digital currencies as a way to settle trade and travel payments more directly in local currencies. The issue has gained weight as India holds the BRICS presidency in 2026 and promotes its digital public infrastructure, including the Unified Payments Interface and the pilot digital rupee.

As of Aug. 11, 2026, the Reserve Bank of India said BRICS members were discussing links between their fast payment systems and CBDCs, aiming to cut cross-border costs and encourage settlement in local currencies. The central bank did not disclose a launch timetable, budget or expected fee reduction. Separately, it urged Indian financial institutions to expand AI use while adopting board-approved governance policies, building on the Framework for Responsible and Ethical Enablement of Artificial Intelligence, or FREE-AI, released on Aug. 13, 2025.