New fast payment system for South Africa, China, Russia and India on the cards
Members of the BRICS group of nations are discussing potential linkages between their respective fast payment systems and central bank digital currencies, Reserve Bank of India Governor Sanjay Malhotra said at an event on Tuesday (11 August).
The BRICS organisation includes Brazil, Russia, India, China and South Africa, among others. India is hosting the 2026 edition of the annual summit.
“Cross-border payments is an area of interest for all of us, including the BRICS, because we feel there is a lot of scope for reducing cost,” Malhotra said in Mumbai.
“Various options are on the table, but it is still at the discussion stage, including CBDCs (central bank digital currencies) and linkages of fast payment systems,” he added.
Reuters reported earlier this year that the RBI recommended to the government that a proposal to connect CBDCs be included in the agenda for the 2026 BRICS summit.
