India leads BRICS digital payment system beyond dollar reliance

BRICS nations – Brazil, Russia, India, China, and South Africa – are working on a new digital payment system to reduce reliance on the US dollar in global trade. India has taken the lead in shaping this initiative, aiming to make cross-border transactions faster, cheaper, and more secure.

The idea is to create a unified digital platform that allows member countries to settle trade directly in their local currencies. This move is seen as a step towards strengthening financial independence and reducing risks linked to dollar fluctuations. India’s strong digital payment ecosystem, built through UPI (Unified Payments Interface), gives it an edge in guiding this project.

The proposed system will focus on transparency, efficiency, and inclusivity. It will also encourage innovation in fintech and promote smoother trade among BRICS members. Experts believe this could gradually shift the balance of global finance, giving emerging economies more control over their transactions.

While the dollar will remain dominant for now, BRICS’ digital payment plan signals a long-term strategy to diversify global trade settlements. For India, it is both an opportunity to showcase its digital strength and a chance to play a central role in reshaping international finance.