India’s Reserve Bank (RBI) is teaming up with the European Central Bank (ECB) to connect the country’s Unified Payments Interface (UPI) with Europe’s instant payment system, TARGET Instant Payment Settlement (TIPS). The partnership aims to make sending money between India and the euro‑zone quicker, cheaper, and more convenient.
The project is being implemented through NPCI International Payments Ltd (NIPL), the global arm of India’s National Payments Corporation (NPCI). Once operational, the link will benefit Indian travellers, exporters, fintech companies, and businesses by streamlining international payments and reducing transaction costs.
The initiative is part of a wider global push, backed by the G20, to make cross‑border payments faster, more transparent, and affordable. India has already extended UPI to countries like Singapore and is now exploring Europe as the next major market for its digital payments network.
Officials say that technical integration, settlement arrangements, and risk management systems are still being finalised. The rollout will be phased, ensuring compliance with regulatory, currency conversion, and cross-border payment rules.
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