New fast payment system for South Africa, China, Russia and India on the cards

• A new fast payment system link between South Africa, China, Russia, and India is being discussed by the BRICS group, but it's still at the discussion stage.
• The Reserve Bank of India Governor Sanjay Malhotra mentioned that cross-border payments is an area of interest for the BRICS nations, with a focus on reducing costs and exploring options like central bank digital currencies.
• The implementation of the new fast payment system and the internationalization of the rupee will likely be key topics at the 2026 BRICS summit, with potential implications for trade and financial systems in the participating countries.