New Delhi, Sept. 10 -- BRICS Pay will facilitate cross-border digital payments in local currencies by connecting the existing national payment systems of member and partner countries, allowing travellers, students and businesses to transfer money more quickly, BRICS Pay CEO Andrey Mikhaylishin told ANI on Thursday.

India and Russia are set to sign a memorandum of understanding (MoU) on Friday to connect their domestic payment networks, enabling users in the two countries to make cross-border payments using their respective national systems, he said.

The agreement, being signed with the BRICS Business Council and the Business Forum, will seek to bridge India's Unified Payments Interface (UPI) with Russia's Faster Payments System without ...