Piyush Goyal Urges BRICS Nations To Connect Payment Systems, Expand UPI Globally

Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member countries to strengthen cooperation by linking their domestic payment systems, promoting greater use of local currencies in trade and making digital commerce more accessible globally. Goyal's proposals focus on improving the ease of cross-border transactions and building stronger financial and digital connections among the economies that make up the BRICS grouping. Goyal highlighted the potential benefits of connecting payment systems across member countries, particularly as digital transactions become an increasingly important part of international commerce. Interoperable payment networks could allow individuals and businesses to make cross-border payments more easily, while reducing some of the friction associated with conventional international transfers.

Such connectivity could also help create a more seamless environment for trade between BRICS economies. India's Unified Payments Interface (UPI) provides an example of the type of digital payment infrastructure that could support this objective. UPI has become a major component of India's domestic digital payments ecosystem, allowing users to transfer funds electronically through participating banks and payment applications. India has also promoted the expansion and interoperability of UPI with payment systems in other countries, making it a potential model for wider digital payment cooperation among BRICS members. The commerce minister also urged BRICS countries to encourage the use of local currencies for trade.

Greater reliance on domestic currencies for bilateral transactions could give member countries an additional option for settling international commerce rather than depending exclusively on established intermediary currencies. Local-currency settlements could also help deepen financial links between trading partners and potentially reduce some currency-conversion requirements involved in cross-border transactions. The proposals come as BRICS members continue to explore ways to expand economic cooperation and facilitate trade. Cross-border payment connectivity is increasingly being discussed alongside digital commerce, financial technology and mechanisms for making international transactions more efficient. For businesses, particularly smaller enterprises, easier payment arrangements could reduce practical barriers to entering overseas markets and help facilitate transactions with customers and suppliers in other BRICS economies.

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Goyal's call also reflects India's broader effort to promote digital public infrastructure as a tool for economic growth and international cooperation. Making digital trade more accessible could enable more businesses and consumers to participate in cross-border commerce, while stronger payment links could support the movement of goods and services between member countries. Improved connectivity could also complement existing trade and investment relationships within the grouping. Linking payment systems would require cooperation between financial institutions, payment networks and regulators across participating countries. Differences in domestic rules, currencies, financial infrastructure and data requirements would need to be addressed before systems could operate seamlessly across borders.

Nevertheless, greater interoperability could provide a practical foundation for expanding digital transactions between BRICS economies. Goyal's three-pronged proposal — connecting payment systems, encouraging local-currency trade and widening access to digital commerce — places financial and technological cooperation at the centre of India's approach to BRICS economic engagement. If member countries pursue greater interoperability, the resulting infrastructure could make cross-border payments more convenient and support broader participation in international trade. The push for UPI-linked payment connectivity therefore forms part of a wider effort to strengthen economic integration and digital cooperation among BRICS members.

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