China News Today TheBitTimes.com

The Prime Minister of India, Narendra Modi, has invited BRICS countries to adopt the Unified Payments Interface (UPI) systems. UPI is among the most successful payment methods, providing smoother and faster transactions. If the alliance accepts Modi’s invitation, the trade settlement among member nations will experience a complete overhaul. The United Arab Emirates (UAE), which is a BRICS member, already uses the UPI payment method. Apart from the UAE, the Maldives, Bhutan, Nepal, Singapore, and Sri Lanka use the payment interface. Cash usage in these countries is diminishing, with over 40% to 50% of transactions being settled online. Also Read: BRICS Currency Impossible to Even Challenge US Dollar, Experts Say India Could Make BRICS Get a Boost via UPI Payments Source: The Canadian Press / AP, Matias Delacroix UPI payments could boost the BRICS alliance, allowing them to explore the new payment interface. The payment mechanism could be an alternative system dominated by the West,...

ASEAN countries are quietly revolting against the US dollar on the ground level without the world noticing. Bobby Liu, a Singaporean digital nomad, roams across Asia armed with a smartphone and scans QR codes for payments. He visits Thailand and pays for a cup of coffee and pizza by scanning the PromptPay QR code. The payment automatically gets converted to their local currency, Baht. Liu then travels to Malaysia and scans their QR code DuitNow and pays in ringgit for anything he buys. The same drill happens when he visits Indonesia, where he scans the QR code through QRIS and pays the rupiah. When he’s in India, he uses the UPI, scans QR codes, and pays in the rupee. You see the shift here? International payments were mostly in the US dollar before, and now, ASEAN countries are using local currencies. None of these are happening through politics, policies, and trade deals; they’re happening with the common and regular people. “Imagine what that kind of instant payment can ...