GENERAL11 Sept 2026
BRICS Pay to connect India's UPI with Russia's payment system: How it will work
India and Russia are set to sign an agreement on Friday to link their domestic payment networks. Once live, an Indian visiting Russia could pay at shops using UPI, India's payment network, and a Russian traveller in India could use India's national payment app. This makes cross-border payments simpler for tourists and businesses, though it isn't active yet.
Key Statutory Highlights
- India and Russia will sign a memorandum of understanding on Friday to connect their domestic payment networks.
- Under the plan, an Indian visitor in Russia would be able to make payments at shops using UPI.
- A Russian traveller in India could use India's national payment application for payments.
Actionable Advice for Taxpayers / Founders:If you travel between India and Russia or deal with Russian customers, wait for official confirmation from your bank or the RBI before relying on UPI there, since the arrangement only starts once the agreement is signed and switched on.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
Share: