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Goyal Pushes BRICS for Local Currency Trade and UPI Links

By Markets Desk · 2026-09-11 · Updated 2026-09-11 09:21 UTC
A stylized globe with interconnected nodes representing digital payment networks
Illustration: Tradingbird

India is driving BRICS efforts to adopt local currencies and UPI-style payment rails, supported by Russian data showing a sharp decline in Western currency usage for settlements. The push aims to create a more resilient trade bloc by simplifying regulations, opening markets for critical minerals, and enhancing digital infrastructure cooperation.

  • Per GN markets/fx (en-US), Commerce Minister Piyush Goyal highlighted that UPI has surpassed 250 billion annual transactions and is now live in 11 countries, while Russian officials noted that dollar and euro settlements for exports have plummeted to 11% from 85% over the past three years.

    Source: GN markets/fx (en-US)

  • According to GN markets/fx (en-US), industry experts are now explicitly calling for the integration of fast-payment platforms and Central Bank Digital Currencies (CBDCs) to facilitate faster, cheaper, and more secure cross-border transactions among the 11 BRICS members.

    Source: GN markets/fx (en-US)

  • India urges BRICS members to link payment systems and settle trade in local currencies, citing UPI's presence in 11 countries as a model for cross-border integration.

    Source: GN markets/fx (en-US)
Based on reporting by GN markets/fx (en-US), GN markets/fx (en-US) and GN markets/fx (en-US), compiled by the Tradingbird desk.

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