BRICS Plans Easier Cross-Border Payments: What Will It Mean For You

Sending money to another country can involve currency conversion, bank charges and multiple payment networks. BRICS countries now want to make that process simpler.

At their meeting, BRICS leaders backed practical steps to improve cross-border payments between member countries. The decision was part of the New Delhi Declaration issued on September 12, 2026.

The focus is on making such payments faster, cheaper, more transparent, and secure. The initiative could have a bearing on Indians who send or receive money from other BRICS countries, although there is no immediate change for consumers.

Payment Systems Could Become More Connected

The BRICS Payment Task Force (BPTF) has been looking at how payment and messaging systems across member countries can work better together.

The task force is also examining the use of local currencies for trade settlements and investments. This could reduce the need for some transactions to pass through a third currency.

BRICS leaders have asked the task force to work on practical options for cross-border payments that cost less and are easier to access.

However, each member country has its own banking and payment system. As such, the declaration does not propose one common payment system for all BRICS countries.

How It May Help People To Send Money

When someone sends money across a border, the amount can pass through different banks or payment networks. Currency conversion can also add to the final cost.

A better link between payment systems could cut down some of these steps. For an Indian sending money to a BRICS country, or receiving money from one, that could eventually mean lower fees or quicker transfers.

The use of local currencies could also change how some transactions are converted. For instance, a payment between two BRICS countries may not always need to be converted through a third currency.

But the savings for customers will depend on the exchange rate, bank fees, and the payment service used. The declaration does not set any new consumer charges or change India’s existing remittance rules.

India Proposes BRICS Risk Lab In Gujarat

The declaration also includes India’s proposal for a BRICS Risk Lab at GIFT City International Financial Services Centre in Gujarat. The proposed facility would focus on insurance and reinsurance capacity among BRICS countries. Regulators and reinsurance companies from member countries could participate in the discussions.

The leaders also discussed sustainable and green finance, including ways to make climate-related projects more suitable for financing.

For now, the cross-border payments plan is focused on cooperation between member countries. Any direct changes for consumers will depend on how the payment systems and related arrangements take shape.