India is pushing BRICS toward deeper financial integration, with Commerce and Industry Minister Piyush Goyal urging members and partner countries to link their payment systems and expand trade in local currencies.
Speaking at the BRICS Business Forum in New Delhi on September 11, Goyal highlighted India’s Unified Payments Interface as a potential model for cross-border payment cooperation. He said UPI is now accepted in 11 countries and processes more than 250 billion transactions annually.
BRICS Eyes Faster Cross-Border Payments
Goyal’s proposal comes as BRICS countries seek ways to reduce friction in international trade and increase the use of domestic currencies. Greater interoperability between national payment networks could make cross-border transactions faster and reduce reliance on traditional international payment channels.
He also called for digital trade to become more accessible globally and urged BRICS members to cooperate on emerging technologies.
The broader push reflects growing interest within the bloc in strengthening financial connectivity. BRICS finance officials and central bank leaders have also discussed practical approaches to cross-border payments and greater use of local currencies for trade and investment.
Trade Integration Takes Center Stage
Goyal linked payment cooperation with a wider effort to strengthen intra-BRICS commerce. He called for members to open markets to one another, particularly for raw materials and critical minerals.
He also urged countries to reduce non-tariff barriers and simplify customs and regulatory procedures. According to Goyal, resilient supply chains require trade to operate in both directions.
India is also seeking greater cooperation in pharmaceuticals, engineering, electronics, automobiles, services and emerging technologies. Goyal highlighted opportunities to connect startup ecosystems and expand participation by women-led businesses.
The payment proposal gives BRICS a practical avenue for financial cooperation without requiring the creation of a common currency. For India, UPI’s growing international reach provides a ready example of how domestic digital infrastructure could support broader cross-border commerce.
