INDIA SHUTS DOLLAR OUT! BRICS New Payment System To Use UPI & Digital Rupee? | Kinjal
BRICS Payment System explained: at the BRICS Summit 2026 in New Delhi, India hasurged all 11 BRICS nations to link their payment systems — using UPI and the
Digital Rupee to settle cross-border trade in local currencies, cutting
dependence on the US dollar and SWIFT.
Speaking at the BRICS Business Forum at Bharat Mandapam on 11 September 2026,
Commerce and Industry Minister Piyush Goyal said: "I would urge the BRICS members
and partner countries to link our payment systems," and called on members to
"trade in each other's local currencies, make digital trade global."
This comes after two years of open US pressure. In November 2024 Donald Trump
threatened 100% tariffs on BRICS countries if they moved away from the dollar.
In July 2025 he announced an extra 10% tariff on nations backing "anti-American
BRICS policies," and dismissed BRICS as a "little group" that was "fading out
fast." In August 2025, India itself was hit with 50% US tariffs.
Eighteen months later, BRICS has 11 members and 10 partner countries — and the
biggest talking point at its Delhi summit is payments.
IN THIS VIDEO:
- How the US threatened BRICS — and why the Delhi Summit went ahead regardless
- Piyush Goyal's call to link BRICS payment systems
- India's two-track plan: BRICS central bank CBDC interlinkage + UPI-style
instant payment linkage
- Why India has ruled out a BRICS common currency and a SWIFT rival
- Russia and Iran already inside a non-dollar architecture — Russia's dollar and
euro export settlement down from 85% to 11% in three years
- BRICS demand for urgent IMF and World Bank reform
- Is India pursuing de-dollarisation without ever using the word — and how
Trump's tariffs accelerated it
- The honest data: what is real, and what is hype
KEY FACTS:
- BRICS Summit 2026: New Delhi, 12-13 September 2026, 18th Leaders' Summit under
India's chairship
- Theme: "Building for Resilience, Innovation, Cooperation and Sustainability"
- 11 members: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia,
Indonesia, Iran, Saudi Arabia, UAE — plus 10 partner countries
- UPI already live or accepted in 9 countries: Bhutan, UAE, Singapore, Nepal,
Sri Lanka, Mauritius, France, Qatar, Cambodia
- Russia-India trade: roughly 95% settled in national currencies
- Dollar share of global reserves: 57.13% in Q1 2026 (IMF COFER), against a 72%
peak in 2001
- Renminbi share of global reserves: 1.99% — the dollar's lost share is NOT going
to the yuan
SOURCES:
New Indian Express | Business Standard | Business Today | Bloomberg | WION |
IMF COFER | Atlantic Council Dollar Dominance Monitor
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