BRICS Pushes UPI-like Payments to Boost Global South Trade

Post the COVID-19 pandemic, countries in the Global South, including the emerging economies of the 10-member BRICS grouping, are looking for alternatives to boost their economies and the interoperability payments have emerged as a good alternative, according to MEA Secretary (Economic Relations) Dammu Ravi.

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Addressing a press briefing in Rio de Janeiro on Sunday, the MEA official said, "On the BRICS cross-border payments and the debt servicing issues. I think this is a concern post-COVID, as you all know that countries economically have become weak in the Global South and that is truly the concern of the BRICS countries because BRICS in some sense represent global South countries, a multipolarity in its strongest terms because there is a diversity in the BRICS countries. So this was one of the ideas. Now, what are they looking for? Countries are looking for alternatives. Interoperability payment is a faster mechanism i