INDIA PUSHES UPI AND LOCAL-CURRENCY PAYMENTS AS BRICS SEEKS A NEW CROSS-BORDER BUSINESS MODEL

India is pushing for deeper economic integration among BRICS countries by promoting interconnected payment systems, greater use of local currencies and wider adoption of digital payment technologies such as UPI, potentially creating a new business opportunity for Indian fintech companies and exporters. Speaking at the BRICS Business Forum, Commerce and Industry Minister Piyush Goyal called on member countries to open their markets, reduce non-tariff barriers and strengthen payment-system links to make cross-border trade more efficient and resilient. The proposal comes at a time when businesses worldwide are searching for alternatives to traditional trade and payment arrangements amid geopolitical tensions, currency volatility and disruptions to global supply chains. For India, UPI provides a particularly strong technology platform because it has already demonstrated the ability to process enormous volumes of domestic digital transactions quickly and at relatively low cost. Expanding similar interoperability internationally could create opportunities for Indian banks, fintech companies and payment technology providers. The concept is not simply about replacing one payment currency with another. The larger objective is to reduce friction in cross-border transactions by allowing businesses and consumers to move money more efficiently between participating countries. For exporters, faster and cheaper payments can improve cash flow and reduce transaction costs. For small businesses, the benefit could be even greater because SMEs often face higher costs and administrative barriers when entering international markets. If payment systems become more interconnected, an Indian entrepreneur could potentially sell products or services to customers in other BRICS economies without facing the same level of complexity associated with conventional international payments. The proposal also fits into India’s broader strategy of expanding the international use of its digital public infrastructure. UPI has already attracted attention internationally, with several countries exploring or implementing arrangements connected to India’s digital payment architecture. A wider BRICS framework could give Indian fintech companies an opportunity to export payment technology and related financial services. However, creating a truly integrated payment ecosystem among diverse countries will be difficult. Each country has different banking regulations, currency systems, data-protection rules and financial-security requirements. Interoperability therefore requires not only technology but regulatory cooperation. Currency volatility presents another challenge. Local-currency settlement can reduce dependence on the US dollar for some transactions, but businesses still need mechanisms for managing exchange-rate risk. For example, an Indian exporter receiving payment in another BRICS currency may still need to hedge against changes in its value before converting revenue into rupees. The proposal’s importance therefore extends beyond payment apps. It is part of a wider attempt to create a more integrated economic network among emerging economies. BRICS countries account for a substantial share of global population, production and trade, meaning even modest improvements in cross-border commerce could create significant economic value. India is also pushing for greater participation by startups and women-led enterprises in the BRICS economic ecosystem, recognising that future trade growth will not be driven exclusively by large multinational corporations. Digital platforms allow smaller companies to reach international customers more easily than in previous decades, but payment infrastructure must keep pace with that change. For Odisha, the opportunity is potentially meaningful. The state has thousands of MSMEs and businesses operating in sectors such as handicrafts, textiles, food processing, marine products, tourism, engineering and manufacturing. Improved digital cross-border payment infrastructure could make international commerce more accessible to smaller Odisha businesses that currently lack large export departments or overseas offices. Tourism could also benefit if international visitors can use familiar digital-payment mechanisms while travelling in India. The larger strategic significance is that digital payments are becoming part of international economic infrastructure. Countries that build widely adopted payment systems can potentially influence how businesses transact, how financial services are delivered and how new digital economies develop. India’s UPI has already become one of the country’s most visible examples of digital infrastructure with international potential. The BRICS discussion could accelerate that internationalisation if member states agree on practical standards and implementation mechanisms. For Indian entrepreneurs, the development signals that fintech opportunities may increasingly move beyond domestic payment applications toward cross-border commerce, trade finance, currency management and digital financial infrastructure. For Neptune Talk, the story offers a strong business angle because it connects Indian technology, government policy, startups and global trade in one development. The real question now is whether BRICS can turn the political ambition of payment integration into a functioning commercial network. If it succeeds, India’s digital-payment technology could become an important component of the emerging financial architecture connecting some of the world’s fastest-growing economies.