Sending money from India to Europe could soon be as simple as a UPI transfer at home. The Reserve Bank of India (RBI) is partnering with the European Central Bank (ECB) to link India’s Unified Payments Interface (UPI) with Europe’s instant payment system, TARGET Instant Payment Settlement (TIPS). The move aims to make cross‑border payments faster, cheaper, and hassle‑free.
The project is being implemented through NPCI International Payments Ltd (NIPL), the global arm of India’s National Payments Corporation (NPCI). Once operational, the UPI‑TIPS connection will benefit Indian travellers, exporters, fintech companies, and businesses by simplifying international payments and lowering transaction costs.
This initiative is part of a wider global push, supported by the G20, to make cross‑border payments quicker, more transparent, and cost-effective. India has already extended UPI to countries like Singapore, and Europe is now the next frontier for its growing digital payments network.
Officials say technical integration, settlement mechanisms, and risk management frameworks are still being finalised. The rollout will be phased to ensure smooth operations while meeting regulatory, currency conversion, and cross-border compliance requirements.
The UPI‑TIPS link is expected to strengthen India’s global digital payments presence, offering individuals and businesses a faster, more efficient, and cost-friendly way to send money abroad.
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