BRICS Wants Seamless Global Payments. Who Will Set the Rules?
BRICS wants to connect national payment systems such as India’s UPI and Brazil’s Pix. Currency conversion, costs and control remain obstacles to seamless international transfers.
BRICS wants to connect national payment systems such as India’s UPI and Brazil’s Pix. Currency conversion, costs and control remain obstacles to seamless international transfers.
Ukraine goes unmentioned and Middle East divisions persist, but the BRICS New Delhi declaration advances a shared ambition for greater control over finance, trade and development.
As Putin, Xi and other BRICS leaders gather in New Delhi, the bloc is confronting a larger question than the creation of a new currency. India, China, Russia and Iran have very different ambitions, but they increasingly share one objective: building payment, trade and financial systems that leave them less dependent on the dollar and Western controlled institutions.
As BRICS meets in New Delhi, we trace its journey from the pursuit of a multipolar world to a development bank and an expanded membership, examining its achievements and the differences that constrain its ambitions.
The dollar still dominates global finance, but states are no longer willing to rely on a single set of payment pathways. From instant domestic systems to new cross-border settlement platforms, a parallel financial infrastructure is taking shape — less about replacing the dollar than about reducing dependence on it.
From a BRICS vantage point, the real energy weapon was never just Russian gas or Chinese rare earths. It was Washington’s grip on sanctions, shipping, finance and the dollar system, used for decades against Venezuela, Iran, Iraq and Russia. With U.S. warships off Caracas and new threats over oil and airspace, Venezuela has become the live test of a split world energy order.