BRICS Payment System

BRICS Payment System: What Experts Say About Possible Mechanisms, Functionality and Timelines

When could it emerge – and what would it mean for member countries?

BRICS is steadily progressing towards the development of an independent payment system and, potentially, a new unit for mutual settlements. But what might this financial infrastructure look like, and what could it be based on?

According to expert insights featured in a TV BRICS report, the initiative is gaining momentum, although its final form remains under discussion.

A Single BRICS Currency: Opportunities and Challenges

In December 2025, Vladimir Putin cautioned against rushing the creation of a single BRICS currency or alternative settlement mechanisms, noting the need to avoid “serious mistakes”.

This caution reflects the complexity of the task. BRICS member states span multiple continents, with significant differences in economic structures, inflation rates, and standards of living. Any unified unit of account or payment system would require careful alignment of these variables.

However, there are clear indicators that progress is already underway. More than 80% of trade between Russia and China is now conducted in national currencies, while total trade among BRICS nations has surpassed US$1 trillion.

Rising demand for energy and resources across developing economies is expected to further drive intra-BRICS trade. Initiatives such as a proposed BRICS grain exchange — which could account for 30–40% of global grain supply — also underline the need for a transparent and efficient settlement system. Over time, such a platform could evolve into a broader commodities exchange, including energy and other strategic goods.

These trends, alongside shifting geopolitical dynamics, suggest the potential emergence of new supranational financial instruments.

From Currency to Payment Infrastructure

The conversation has gradually shifted from creating a single currency to developing a robust payment infrastructure.

In 2023, Luiz Inácio Lula da Silva advocated for alternatives to the US dollar in global trade, questioning the dominance of a single currency. However, by October 2024, he clarified that the focus should be on building a unified financial system rather than replacing national currencies.

This approach gained further traction in February 2026, during the BRICS Sherpas meeting in New Delhi. Russia’s Deputy Foreign Minister Sergey Ryabkov emphasised the need for a comprehensive cross-border infrastructure covering payments, settlements, depositories and reinsurance.

Experts suggest that a digital clearing mechanism based on national currencies could emerge as early as 2026, although a fully-fledged common currency remains a longer-term prospect.

Such a system could include a unified settlement platform or unit of account designed to enhance transaction security and reduce reliance on existing global payment systems. This unit could take the form of a digital or clearing currency.

Who Would Issue It?

A key question is which institution would oversee such a system.

At present, BRICS lacks a central monetary authority. However, the New Development Bank has been suggested as a potential candidate to take on a central role.

Some experts believe the bank could eventually issue a digital currency for BRICS, although this would likely require a phased approach over five to ten years. The institution would need to expand its investment base to provide adequate backing before such a currency could be widely used in trade.

By 2026, the New Development Bank had already approved loans exceeding US$42.9 billion and continues to increase the share of transactions conducted in national currencies, with a target of at least 30% under its 2022–2026 strategy.

Determining the Value of a BRICS Settlement Unit

If a new settlement unit is introduced, establishing its exchange rate will be critical.

Experts propose several models, including linking the unit to a basket of national currencies weighted by GDP and trade shares, or incorporating commodities such as gold. Trust in governance and issuance rules will be a decisive factor in its success.

Some suggest pegging the unit to gold during its early stages, while others propose a more flexible basket approach involving currencies such as the yuan, rouble and real.

There are also more innovative proposals, including a decentralised system in which multiple issuers collectively back a supranational unit. This model would aim to ensure political neutrality and reduce dependence on any single country.

Possible Development Pathways

Experts outline several potential scenarios for how a BRICS payment system could evolve:

• A dedicated settlement unit for international trade, rather than a full currency
• Expanded use of national digital currencies in cross-border transactions
• Digital platforms enabling direct settlements between central banks
• A clearing centre within the New Development Bank acting as an intermediary to reduce transaction risks

There are also transitional models, including dual-currency systems for domestic and international use, inspired by historical precedents.

Timeline and Economic Impact

While opinions differ on the exact pathway, most experts agree that tangible progress is likely within the next three to five years.

A unified payment platform could begin to take shape by 2029–2030, following the necessary harmonisation of financial regulations across member states.

The potential economic impact is significant. A streamlined settlement system could boost trade among BRICS+ countries by 8–10% annually and contribute an additional 2–3% to GDP growth in participating economies.

Most importantly, it would strengthen BRICS’ position as a major centre of global economic influence.

The article was prepared by Svetlana Khristoforova. TV BRICS

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