Story perspectives

BRICS studies linking CBDCs and instant payments to cut costs

8/14/2026

Summary

Story summary

Governor Sanjay Malhotra said BRICS are studying linking CBDCs and fast-payment systems to cut cross-border costs.
He outlined options—CBDC connectivity and interoperability of instant-payment platforms such as India’s UPI—while saying reducing transaction costs is a BRICS priority and reaffirming India’s aim to internationalise the rupee.
He warned that linking systems and CBDCs needs cybersecurity, data privacy and regulatory safeguards.
He added discussions are preliminary with no agreed standards or timeline.

History

Historical Context

In 2008 the EU created the Single Euro Payments Area, overseen by the European Payments Council, to unify euro transfers. It became fully operational on 1 August 2014 and introduced instant credit transfers up to €15,000 in November 2017. BRICS officials, such as India’s payment-system head Sanjay Malhotra, now view SEPA as a template for cross-border CBDC and instant-payment links.

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Story summary

Governor Sanjay Malhotra said BRICS are studying linking CBDCs and fast-payment systems to cut cross-border costs.
He outlined options—CBDC connectivity and interoperability of instant-payment platforms such as India’s UPI—while saying reducing transaction costs is a BRICS priority and reaffirming India’s aim to internationalise the rupee.
He warned that linking systems and CBDCs needs cybersecurity, data privacy and regulatory safeguards.
He added discussions are preliminary with no agreed standards or timeline.

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