RBI: India and European Central Bank Begin Work to Link UPI With Eurozone's Instant Payment System
globalRBI and ECB begin the realisation phase to link India’s UPI with Eurozone’s TIPS system, enabling seamless cross-border instant payments.
Indian, European Central Banks Begin Work to Link UPI With Eurozone’s Instant Payments System: RBI
The Reserve Bank of India (RBI) on Wednesday announced that India and the European Central Bank (ECB) have formally begun the realisation phase to connect India’s Unified Payments Interface (UPI) with the Eurozone’s TARGET Instant Payment Settlement (TIPS) system.
According to the RBI, this marks a major step toward enabling seamless cross-border digital payments between India and the Euro Area. The interlinking is expected to significantly benefit users in both regions by making remittances cheaper, faster, more transparent and more accessible, in line with the G20 roadmap on improving global payment systems.
RBI and NPCI International Payments Limited (NIPL) have held sustained discussions with the ECB to push forward the initiative. With the move now entering the implementation stage, both sides will work on technical integration, settlement frameworks, and risk-management mechanisms required to operationalise the UPI–TIPS link.
Once launched, this will be the first time India’s homegrown fast-payment architecture connects directly with the Eurozone’s instant payment system — potentially transforming digital transactions for millions of users across both regions.
