UPI to Connect With Europe’s TIPS for Faster, Cheaper Transfers

The Reserve Bank of India is actively working to interlink the digital payment system Unified Payments Interface (UPI) with fast payment systems of other countries for cross-border payments. According to a statement of RBI, the regulator and NPCI International Payments Limited (NIPL) are in talks with European Central Bank to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem, in a calibrated manner.

“Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI–TIPS link," RBI said in the statement.

The proposed UPI–TIPS interlinkage will help cross-border remittances between India and the Euro Area.

The

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