India Proposes BRICS Cross-Border Payment System Modeled on Brazil's PIX

India plans to propose a cross-border payment system for BRICS countries, modeled on Brazil's PIX, at the bloc's summit later this year. According to NS3.AI, the initiative aims to link national digital currencies, allowing central banks to settle transactions directly with each other. This proposal does not involve creating a common currency but is part of broader efforts to reduce reliance on the U.S. dollar. India is set to host the 2026 BRICS summit in New Delhi, where this proposal will be discussed as part of the bloc's de-dollarization strategy.