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New Delhi, September 11, 2026 — BRICS nations should strengthen economic integration by linking their payment systems and promoting trade in local currencies, India’s Commerce and Industry Minister Piyush Goyal said at the BRICS Business Forum 2026.
Goyal emphasized the need for BRICS members to make cross-border transactions easier, reduce trade barriers and build stronger economic connections at a time when global supply chains and international trade are facing growing uncertainty.
Piyush Goyal Calls for Linked BRICS Payment Systems
Speaking at the BRICS Business Forum, Goyal said member countries should explore greater interoperability between their domestic payment systems.
India’s Unified Payments Interface (UPI) was highlighted as an example of digital payment infrastructure that could support faster and more efficient cross-border transactions.
The proposal comes as BRICS countries increasingly look at ways to improve financial connectivity and reduce the costs associated with international payments. The bloc’s current discussions include connecting national instant-payment systems rather than immediately pursuing a single common currency.
Trade in Local Currencies Could Strengthen BRICS Commerce
Goyal also called for greater use of local currencies in trade among BRICS nations. Such arrangements could reduce dependence on third-party currencies for bilateral transactions and potentially lower currency-conversion costs.
For businesses, smoother local-currency settlement could make cross-border trade more predictable and efficient. It could also encourage small and medium-sized companies to participate more actively in international commerce.
The push is part of broader BRICS efforts to strengthen financial cooperation and expand the use of national currencies in trade.
BRICS Seeks More Resilient Global Supply Chains
The call for linked payment systems comes against the backdrop of increasing fragmentation in the global economy.
Goyal argued that BRICS countries need stronger economic cooperation, including more open markets, fewer non-tariff barriers and improved payment connectivity. These measures could help create more resilient supply chains across member economies.
With BRICS now comprising 11 full members, the bloc represents a substantial share of the global economy and population. However, differences between members remain a challenge to deeper economic integration.
UPI Could Play a Bigger Role in Cross-Border Payments
India’s UPI has emerged as an important part of the country’s digital public infrastructure and has already attracted interest as a model for faster payments.
Goyal’s proposal suggests that interoperability between payment platforms could become an important pillar of future BRICS economic cooperation. Instead of creating an entirely new payment network from scratch, countries could work toward connecting existing national systems.
Such an approach could potentially make cross-border payments faster while supporting trade between businesses and consumers across BRICS economies.
BRICS Payment Integration and De-Dollarisation
The push for local-currency trade is also connected to the wider debate over reducing reliance on the US dollar in international commerce.
However, the current focus is more incremental than the creation of a common BRICS currency. Discussions around BRICS have increasingly centered on practical measures such as cross-border payment connectivity and local-currency settlements.
A fully integrated payment ecosystem would require countries to overcome significant differences in financial regulations, currencies, banking infrastructure and payment standards.
Goyal Highlights Opportunities for Businesses
Goyal also emphasized the importance of making the BRICS economic ecosystem more inclusive by giving greater opportunities to startups and women-led businesses.
Improved payment connectivity could benefit smaller businesses by reducing some of the friction associated with international transactions. Easier access to overseas markets could potentially help entrepreneurs expand beyond their domestic economies.
The proposal therefore goes beyond financial infrastructure and could become part of a broader strategy to increase trade and investment among BRICS members.
What Linked Payment Systems Could Mean for BRICS
If BRICS countries successfully connect their payment systems, businesses and consumers could eventually gain access to faster and more convenient cross-border transactions.
Greater use of local currencies could also help diversify international settlement mechanisms. However, achieving meaningful integration will depend on regulatory coordination, technical compatibility and agreement among member countries.
For now, Goyal’s remarks signal India’s preference for practical financial cooperation, interoperable payment systems and increased local-currency trade as BRICS seeks to strengthen its economic role.
