India Extending UPI Payments to BRICS Countries
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,...