RBI, ECB Begin Work on Linking UPI With Europe’s TIPS for Faster Cross-Border Payments
The Reserve Bank of India (RBI) is accelerating efforts to enable cross-border payments by integrating India’s Unified Payments Interface (UPI) with fast payment systems abroad. In its latest update, the central bank confirmed that it is working with the European Central Bank (ECB) and NPCI International Payments Limited (NIPL) to link UPI with TARGET Instant Payment Settlement (TIPS)—the Eurosystem’s instant payments platform.
RBI said that after “constructive and sustained engagement,” both sides have agreed to begin the realisation phase of the UPI–TIPS project. Once operational, this linkage is expected to significantly streamline cross-border remittances between India and the Euro Area.
Under the next steps, teams from RBI, ECB, and NIPL will jointly address the technical integration, risk management framework, and settlement mechanisms required to enable smooth interoperability between the two real-time payment systems.
UPI’s Global Push
As part of its international expansion, NPCI has launched UPI Global Acceptance, allowing Indian users to make QR code–based payments at selected international merchant locations directly through UPI apps.
How to Use UPI Global / UPI International
Prerequisite:
Activate the UPI Global / UPI International feature for your bank account on your preferred UPI app.
Steps to Pay Internationally:
Check for acceptance: Look for BHIM UPI or partner network logos at the merchant’s counter and confirm that UPI payments are supported.
Scan the QR code: Use any UPI-enabled app to scan the displayed QR code.
Verify transaction details: Confirm the payable amount in both the foreign currency and INR, along with any applicable charges or exchange rates.
Authorize the payment: Enter your UPI PIN to complete the transaction. Both you and the merchant will receive instant confirmation upon successful payment.
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