The Reserve Bank of India (RBI) has initiated the implementation of a UPI–TIPS integration to streamline cross-border remittances between India and the eurozone. The move follows discussions with the European Central Bank (ECB) and will be executed in partnership with NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India.
TARGET Instant Payment Settlement (TIPS) is Europe’s instant payment system, operated by the Eurosystem, which includes the ECB and eurozone central banks. Once operational, the UPI–TIPS link is expected to reduce transfer costs and settlement delays, benefiting millions of users who send or receive money between India and Europe.
The integration is also likely to expand merchant acceptance for Indian travellers in Europe, leveraging QR-based payments similar to initiatives already rolled out in Singapore. “RBI and NIPL will collaborate closely with ECB to operationalize the UPI–TIPS link, including technical integration, risk management, and settlement arrangements,” the RBI said in a statement.
This initiative forms part of RBI’s broader strategy to interlink UPI with fast payment systems globally, promoting seamless, efficient, and cost-effective cross-border payments. These efforts align with the G20 Roadmap for enhancing cross-border remittances through transparency, accessibility, and efficiency.
NIPL has previously partnered with Singapore-based HitPay to expand UPI acceptance in the island nation, enabling QR-based transactions at retail stores, restaurants, and tourist spots. India is now replicating this model across multiple corridors, including Asia and the Middle East, to extend its fast-payment infrastructure internationally.
Industry experts say the UPI–TIPS initiative signals India’s emergence as a global benchmark for real-time payments. “Real-time, low-friction transfers between India and Europe can uplift exporters, creators, and the digital SME economy,” said Akash Sinha, CEO and Co-founder of Cashfree Payments. “For fintechs, it marks a new era where Indian payment infrastructure is globally interconnected, enabling businesses to engage with international markets effortlessly.”