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India has taken another significant step forward in global digital payments. The Reserve Bank of India (RBI) has confirmed that India's Unified Payments Interface (UPI) will soon be linked with the European Central Bank’s Target Instant Payment Settlement (TIPS) system. Once implemented, transferring money between India and European nations will become faster, smoother, and more affordable. This development will directly benefit millions of Indian students, professionals, and workers living across Europe.

What is TIPS?
TIPS is a real-time instant payment system managed by the European Central Bank. It connects banks across more than 30 European countries and is considered Europe’s version of a fast payment network, similar to UPI. The RBI and NPCI International have been in active discussions with the ECB for months, and both sides have now agreed to begin the implementation of the UPI-TIPS integration.

Benefits of the UPI–TIPS link
• Instant cross-border money transfers between India and Europe
• Significantly reduced bank charges and foreign exchange fees
• Direct advantages for Indian residents, students, and workers in Europe
• UPI-based payments for Indian tourists across many European destinations

UPI is already accepted in countries such as Singapore, the UAE, France, Mauritius, Bhutan, and Nepal. Linking it with TIPS—Europe’s largest payment settlement system—will substantially expand UPI’s global footprint.

Aligned with the G20 vision
The RBI says this initiative is part of the G20 roadmap focused on making cross-border payments cheaper, quicker, and more secure. India strongly advocated for the internationalization of UPI during its G20 presidency, and the results are now becoming visible. The RBI, NPCI International, and the European Central Bank will now collaborate on technical integration, risk frameworks, and settlement mechanisms to enable the early rollout of UPI–TIPS connectivity.