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BRICS Payments Task Force Begins Pilot Testing of UPI-FPS Mechanism
BRICS Payments Task Force Begins Pilot Testing of UPI-FPS Mechanism
Sputnik India
he pilot testing on the interlinking of Unified Payments Interface (UPI) with Fast Payments System (FPS) is already underway at a consumer-to-business (C-2-B) level
2026-10-05T20:42+0530
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The pilot testing on the interlinking of Unified Payments Interface (UPI) with Fast Payments System (FPS) is already underway at a consumer-to-business (C-2-B) level, Josh said, adding that the initiative will be rolled out at a mass level next year.An MoU to link FPS with UPI was signed on the margins of the BRICS Business Forum at the New Delhi Summit last month.Josh said that the interlinking of the real-time payments’ systems of the countries will allow Indian travellers to make payments to Russian businesses using UPI as well as Russian travellers in India will be able to make payments through FPS.He clarified that the intention of the BRICS Payments Task Force, as communicated to the group by the respective governments, wasn’t to dedollarise or do away with the SWIFT network altogether.Josh reckoned that even though SWIFT would continue to be a major financial network linking banking systems in coming years, it’s share will be eroded due to emergence of the BRICS Payments Cross-border initiative, with other Global South countries expected to link their instant payment systems under bilateral or multilateral frameworks such as BRICS.
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Interview with Pawan Josh, Chair, BRICS International & Member, BRICS Payments Task Force
Sputnik India
Interview with Pawan Josh, Chair, BRICS International & Member, BRICS Payments Task Force
2026-10-05T20:42+0530
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india, delhi, russia, brics, swift system, unified payments interface (upi), digital currency, digital ruble, digital financial transactions, dedollarisation, brics pay
BRICS Payments Task Force Begins Pilot Testing of UPI-FPS Mechanism
The interlinking of UPI and FPS will be the first concrete deliverable of the BRICS Cross-border Payments Initiative, BRICS International Chairman Pawan Josh, part of the intergovernmental BRICS Payments Task Force (BPTS), said in an interview with Sputnik India.
The pilot testing on the interlinking of Unified Payments Interface (UPI) with Fast Payments System (FPS) is already underway at a consumer-to-business (C-2-B) level, Josh said, adding that the initiative will be rolled out at a mass level next year.
“The time lag will be very, very low. The settlement time is about six to nine seconds in Indian Rupee (INR) or Ruble. We are still working on the B2B layer,” Josh said.
An MoU to link FPS with UPI was signed on the margins of the BRICS Business Forum at the New Delhi Summit last month.
Josh said that the interlinking of the real-time payments’ systems of the countries will allow Indian travellers to make payments to Russian businesses using UPI as well as Russian travellers in India will be able to make payments through FPS.
“The real significance is the architecture here, because it proves a federated model. The country keeps its own system. under its own central bank. The two systems merely learn to speak to each other,” stated Josh.
He clarified that the intention of the BRICS Payments Task Force, as communicated to the group by the respective governments, wasn’t to dedollarise or do away with the SWIFT network altogether.
“BRICS accounts for a
quarter of trade, but it still clears most of it through somebody else's pipes. So, fixing that is not a hostility. It is adulthood. You're growing up. It's something which is very basic, but sometimes to do that, you will have to go slowly,” Josh said.
Josh reckoned that even though SWIFT would continue to be a major financial network linking banking systems in coming years, it’s share will be eroded due to emergence of the BRICS Payments Cross-border initiative, with other Global South countries expected to link their instant payment systems under bilateral or multilateral frameworks such as BRICS.
