Unified Payment Interface(UPI) : BRICS' Path to Dedollarization.

In the ongoing conversation around dedollarization, BRICS faces a choice: create a new currency or find a practical alternative. Ruchita Beri, Senior Fellow at the Vivekananda International Foundation, proposes a third path: unify BRICS around India’s Unified Payment Interface (UPI) technology to create a digital financial platform for the global south.

India’s UPI, with billions of transactions monthly, is secure, scalable, and inclusive, offering BRICS a model that’s affordable and readily adaptable. Unlike the complexities of launching a new currency, UPI allows BRICS members to settle trades in local currencies, minimizing dollar dependency. It’s a straightforward approach that empowers emerging markets without the regulatory hurdles of new currency alignment.

Embracing UPI could transform BRICS into a digital-first, dollar-light bloc, providing access to secure, real-time payments while strengthening economic independence across member states. This solution can drive financial inclusion, reduce transaction costs, and promote local economies—a perfect match for BRICS' goal of equitable global growth.

Moreover, by offering UPI to the global south, India can build financial bridges across emerging markets, creating a unified network that bolsters trade stability and resilience against external financial pressures. As BRICS explores its path forward, UPI stands out as a viable tool for collaboration and a strategic move towards financial sovereignty for the global south.