India Leads BRICS into Digital Payments, AI Innovation, Quantum Tech Revolution

The BRICS Summit in India has marked a significant shift in the bloc's agenda, moving beyond traditional geopolitics and trade to focus on digital payments, AI innovation, quantum technology, and emerging technologies. Under India's chairship, BRICS is seeking to deepen cooperation in these areas, aiming to create alternative systems and infrastructure that could allow member countries to trade and develop technology without relying on the US dollar.

Prime Minister Narendra Modi highlighted UPI as an example of India's ability to deploy technology at population scale, with UPI accounts for around 50% of the world's real-time payments. The objective is significant, as BRICS aims to reduce dependence on the dollar and develop systems that make it easier for countries to conduct cross-border transactions using their own currencies and national payment platforms.

BRICS has also been working on the BRICS Cross-Border Payments Initiative, while discussions have included interoperability between central bank digital currencies and other digital payment systems. India is presenting its Digital Public Infrastructure (DPI) model as a solution that can be shared with other developing countries, with UPI being one component of this broader architecture.

The BRICS agenda has also expanded to include AI innovation, with around 37 Indian deep-tech innovations showcased at the Bharat Innovates Exposition. Quantum technology is another major area where India's BRICS presidency is seeking to broaden the group's agenda, with PM Modi identifying quantum technology alongside semiconductors, critical minerals, and biotechnology as strategic sectors in which India is building domestic capabilities.