India, Nov. 21 -- Adding on to its bid to make UPI a global phenomenon, the Reserve Bank of India (RBI) has announced that India's digital payment option is soon to enter Europe.

The RBI and NPCI International Payments Ltd (NIPL) have entered the "realisation phase" of linking UPI with the TARGET Instant Payment Settlement (TIPS) system run by the European Central Bank.

Once live, the UPI-TIPS link will allow users in India and the Euro Area to send and receive money across borders in real time. The RBI said the effort is part of wider G20 goals to make cross-border payments cheaper and faster.

Both RBI and NIPL will now work with the ECB on technical integration, settlement flows and risk controls before the system is opened to users....