Cross-border payments boost: India, EU begin phase to link UPI with TIPS; remittances to get cheaper
RBI and NPCI International Payments Limited (NIPL) have been in discussions with the European Central Bank (ECB) to connect UPI with TIPS, the instant settlement system operated by the Eurosystem.
“Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI–TIPS link,” the central bank said in a release. The proposed link is expected to facilitate cross-border remittances between India and the Euro Area and benefit users across both jurisdictions, the statement noted. According to the RBI, it will continue working with the ECB alongside NIPL on technical integration, risk management, and settlement mechanisms required to operationalise the link. The central bank said it has been actively pursuing connections between UPI and fast-payment systems in other economies to promote cross-border transactions.
The efforts align with the G20 roadmap focused on cheaper, efficient, transparent, and more accessible global remittances.
