Financial Times: BRICS instant payment systems surpass $10 trillion in transactions

According to Donya-e-Eqtesad, citing the Financial Times, BRICS members' domestic instant payment systems have processed more than $10 trillion in transactions over the past eighteen months through September 2026. India's UPI, with over 550 million active users, and Brazil's Pix, with over 170 million active users, are the two leading networks, and both have begun talks to connect directly with other countries' central banks. Official data show Pix processed more than $6.8 trillion last year and UPI about $3.4 trillion in the year to March 2026, with UPI alone handling 30 trillion rupees, about $315 billion, in transactions in August 2026. The European Central Bank is piloting a project to link its own instant payment system, TIPS, with India's UPI in the first half of next year. However, one BRICS diplomat said integration of these systems remains at an early stage, with progress depending on private sector interest and persistent trade imbalances among members, such as India's rupee settlement for Russian oil imports.