GENERAL5 Sept 2026
Why is BRICS exploring cross-border payments? |Explained
BRICS nations are exploring direct cross-border payment links, and India, chairing the New Delhi summit this September, is pushing it. Today, trade payments pass through several correspondent banks and often get converted twice into dollars, making costs high. Connecting systems directly, like UPI with Singapore's PayNow, could cut these costs. Business owners should follow this, though nothing changes yet.
Key Statutory Highlights
- India is chairing the 18th BRICS summit in New Delhi in September, where cross-border payments are expected to be discussed.
- Payments between countries currently travel through many banks and may convert currencies twice, causing high costs.
- Linking national systems directly, such as UPI with Singapore's PayNow, is one idea being explored.
Actionable Advice for Taxpayers / Founders:Monitor BRICS summit outcomes on cross-border payments, as they may affect future trade costs.
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
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