Two of the largest members of BRICS are reportedly exploring how they can link their payment systems.
According to the Economic Times, India’s External Affairs Minister S Jaishankar and Russia’s Deputy Prime Minister Denis Manturov are analyzing how the two countries can create new payment avenues that could circumvent financial sanctions levied against Moscow.
Per the report, Jaishankar and Manturov agreed to determine how they can integrate India’s Unified Payment Interface (UPI) and Russia’s Faster Payments Systems (FPS).
The UPI is a mobile payment method which allows users to make real-time transfers, while the FPS is a service that enables users to transfer funds between banks using their mobile number.
The two government officials also agreed to look into adopting the Financial Messaging System of the Bank of Russia for cross-border payments in an effort to move away from the global interbank platform SWIFT.
BRICS is a group of economically-aligned nations that currently includes Brazil, Russia, India, China, and South Africa.
The recent talks between Russia and India come as BRICS moves to create a new global currency that doesn’t rely on the US dollar.
According to Anatoly Aksakov, Russia’s Chairman of the State Duma Committee on the Financial Market, negotiations about the details of the new currency are underway and the economic alliance might reach an agreement by the end of the year.
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