India and Eurozone Begin Work to Link UPI with Europe’s TIPS for Faster Cross-Border Payments
SDG 9: Industry, Innovation and Infrastructure | SDG 17: Partnerships for the Goals
Institutions: Reserve Bank of India | NPCI International Payments Limited
India has taken a major step toward expanding global interoperability of UPI, with the Reserve Bank of India announcing the start of the realisation phase for interlinking the Unified Payments Interface (UPI) with TARGET Instant Payment Settlement (TIPS)—the Eurozone’s instant payment system operated by the European Central Bank. The agreement follows sustained technical discussions between RBI, NPCI International Payments Limited (NIPL) and the European Central Bank, and aligns directly with the G20 Roadmap to enhance cross-border payments.
The proposed UPI–TIPS connection will enable instant, low-cost cross-border remittances between India and the Euro Area. Once operational, users in both jurisdictions will benefit from faster settlement, transparent pricing and more accessible remittance channels compared to current correspondent-banking arrangements. Both sides will now work on technical integration, risk-management protocols, compliance frameworks and settlement arrangements to operationalise the link.
The India–Eurozone interlink signals a strategic upgrade in India’s global payments diplomacy. It expands UPI’s international footprint, strengthens India’s position in shaping global digital-payment norms, and directly improves the remittance experience for millions. For policymakers, the initiative highlights how digital public infrastructure can be exported as a competitive advantage, while aligning India’s payments innovation with global frameworks for cheaper and more efficient cross-border transfers.
What is TIPS?→ The TARGET Instant Payment Settlement (TIPS) system is the Eurozone’s real-time payment platform operated by the Eurosystem, enabling instant euro transfers across participating European banks.
Relevant Question for Policy Stakeholders: How should India design the operational, compliance and pricing architecture of the UPI–TIPS link so that cross-border transfers become genuinely low-cost, seamless and scalable for users and businesses across both jurisdictions?
Follow the full news here: Interlinking of UPI with TIPS