Why is BRICS exploring cross-border payments? |Explained

BRICS nations are exploring new mechanisms for cross-border payments to reduce transaction costs, speed up settlements, and lessen dependence on dominant currencies like the US dollar and existing systems like SWIFT. Discussions include linking national digital payment systems (like India's UPI and Singapore's PayNow), utilizing central bank digital currencies (CBDCs) for interbank settlements on common platforms (such as mBridge), and exploring shared hubs like Project Nexus. While some members push for de-dollarization, India's official stance emphasizes reducing transaction costs and improving efficiency.