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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,...

In what has the potential to be one of the biggest points of discussion at the event, the BRICS bloc proposed the use of Bitcoin for international payments at its 2024 Summit. Indeed, all eyes were on the leading cryptocurrency as the bloc discussed its ongoing de-dollarization approach. The economic alliance has continued to find new ways to promote local currencies through its policies. Moreover, there has been discussion that cryptocurrencies could factor into that in a massive way. Bitcoin could be set to play a bit part in the bloc over the next several years. Also Read: Saudi Arabia Officially Declines BRICS Membership BRICS Could Implement Bitcoin Following 2024 Summit Proposal Since 2022, the BRICS economic bloc has sought ways to challenge Western economic dominance. The potential creation of its own payment system and the promotion of local currencies have seen it increase the dominance of the US dollar in a big way. All the while, increasing the prevalence of the group itsel...