India, Nov. 21 -- The Reserve Bank of India (RBI) has announced that it will begin the realisation phase for interlinking India's Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) system of the Eurosystem, following sustained engagement with the European Central Bank (ECB). The initiative is part of RBI's efforts to integrate UPI with fast payment systems globally to enhance cross-border payments in line with the G20 roadmap, which prioritises cheaper, faster, more transparent, and accessible remittances.
The proposed UPI–TIPS connection aims to enable seamless cross-border remittances between India and the Euro Area, offering significant benefits to users in both regions.
RBI and NPCI International ...