BRICS weighs merging payment systems to cut transaction costs

BRICS countries are considering integrating their national instant payment systems and central bank digital currencies to reduce cross-border transaction costs, according to Peoples Gazette, citing TV BRICS.

Reserve Bank of India Governor Sanjay Malhotra said discussions are focused on improving transfer efficiency, though a specific integration model and timeline have not been defined. India, which holds BRICS chairmanship this year, earlier proposed adding digital currency integration to the summit agenda.

The 10-member bloc includes Brazil, Russia, India, China, South Africa, Egypt, the UAE, Ethiopia, Indonesia and Iran.