India is poised to propose a BRICS-wide instant payment network modeled on Brazil's PIX system, a move analysts warn could directly threaten the U.S. dollar's dominance in global trade. The initiative, set for discussion at the upcoming BRICS summit, would enable real-time cross-border settlements between member central banks, drastically reducing reliance on dollar-based transaction systems. Unlike a common currency, the system would mandate direct central bank settlement, creating a potential 10% structural shift away from dollar dependency in bloc trade flows. This development follows the successful rollout of Brazil's PIX, a central bank-operated service using QR codes and identifiers for instant transfers, which India seeks to scale into a multilateral financial infrastructure.

India’s BRICS Chairmanship Could Pitch For New Payment System Like PIX

India will host the upcoming 2026 BRICS summit in New Delhi, and the schedule is yet to be finalized. The 11-member bloc will sit together at the table and discuss various financial matters that benefit the grouping and its respective nations. The summit will be closely watched by the West and the US, due to its multipolar financial nature. Trump had threatened the alliance with increased tariffs if they walked down the path of de-dollarization and sidelined the dollar.