RBI moves to link UPI with Europe

The Reserve Bank of India is working on a plan to make sending money between India and other countries faster, easier and cheaper. It wants to link India’s UPI system with instant payment systems used in other parts of the world. This matches the G20 goal of improving cross-border payments by making them more transparent and more accessible for everyone.

Reserve Bank of India (RBI) has been actively pursuing interlinking of Unified Payments Interface (UPI) with fast payment systems of other jurisdictions to promote cross-border payments. These initiatives are aligned with the G20 Roadmap for enhancing cross-border payments, with a focus on cheaper, efficient, more transparent and more accessible remittances.

Akash Sinha, CEO and Co-founder, Cashfree Payments, “The proposed UPI–TIPS initiative is more than a payments link; it is a signal of India’s emergence as a global benchmark for real-time payments. Real-time, low-friction movement of money between India and Europe can significantly uplift exporters, creators and the digital SME economy. For fintechs, this marks the beginning of a new era where Indian payment infrastructure is not just world-class, but globally interconnected, enabling businesses here to engage with international markets with unprecedented simplicity.”

RBI and NPCI International Payments Limited (NIPL) have been engaging with the European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment 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 proposed UPI–TIPS interlinkage aims to facilitate cross-border remittances between India and the Euro Area and is expected to benefit users of both jurisdictions.

RBI and NIPL will continue to collaborate closely with the European Central Bank to operationalise the UPI–TIPS link, including technical integration, risk management and settlement arrangements. This means they will now work together on the technical and safety steps needed to make this new link fully operational.

As of November 2025, the UPI is now operational in 13 countries, facilitating seamless digital transactions for Indian travellers and expatriates. The latest country to adopt UPI is Japan, which officially launched UPI services on October 14, 2025.